I had purchased one flat in 2008 by taking loan from bank. The builder has himself arrange the bank loan for us. I verified the title of the builder by seeing original property documents. The land is in the name of Builder's mother on which property has been constructed. Moreover my banker seek legal opinion from advocate for title of the property and the advocate provided the legal opinion about the non - encumberance of the property. Moreover the Builder has also sworned affidavit to the bank that the property is free from all encumbrances. But we have come to our surprise that in jan' 13 safaesi notice has been published in the local newspaper for auction of the above property. On enquiring, i came to knew that, the land and building appurtenant thereto has already been mortgaged by another bank and the builder has taken the loan from that bank in 2006 for constructing the property, failing in repayment of whch that bank has published the notice under sarfaesi.
I am totally shocked by this. As like me, many other people has also invested in that property and the builder has taken all money without depositing in to his loan account. Sir request you all to please advice me so that i can save my hard earned property. There are some points which i have noticed are: -
1) There was no notice board attached in building
2) No inspection done by builder's banker
3) The property has been constructed in 2008, why bank has not enquired that whether any property has been sold in the due course of time and whare the sale proceeds gone.
4) There may be irregularity in sanctioning loan as builder has been sactioned huge loan without his past track record. Moreover, the builder has taken loan in his own name in which his mother became the gurantor. Whether this can happen that loan is taken to construct property in his mothers land in which his mother became the gurantor.
5) Whether there is any process for stay. Can i move to civil court being third party?
6) Whether misrepresentation of facts does not lead it to valid contract and our clear title. As builder and his banker has misrepresented the facts from us.
7) As per Sarfaesi Act, where a property has been financed by two or more secured creditors, no bank shall enforce its right if it does not has 3/4th majority of loan amount on record date. Whether still builder bank can enforce its right where we and our banker has entered into the contract due to misrepresentation of facts.
8) Whether its better to appeal to Debt Recovery Tribunal for relief.
9) now builders bank has kept the resale price of property very low as compared to market value, is there any mechanism to check such pricing.
10) what extra thinngs can be done for taking relief.
Request forum members to please give your valuable feedback in resolving my queries.
Thanks and Regards,