hemanth 15 March 2018

Insolvency petition

I brought a house from Mr.X and the registration was done on dec22 2017. The house was built by Mr.X through house loan,and the house was in mortgage with bank. We consulted the same bank for a loan to buy the house and bank santioned me a loan to buy the house. On registration day 1) mortgage was released between Mr.X and the bank.2) a sale Registration was done between me and Mr.X 3) mortgage was done between me and the bank. All on the same day. Mr.Z came into scene and issued IP notices to me,Mr.X and official receiver. Earlier to registration Mr. X borrowed some money from Mr.Z. At present Mr.X is not reachable.... Kindly suggest me how can I get out of this. This is my first purchase and all my savings was used for this purchase.... Plzz help me ...... Thanks in advance

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6 Replies

R.Ramachandran (Advocate) 15 March 2018

This matter cannot be resolved here. You have to necessarily approach a lawyer in your area and take appropriate steps.

hemanth 15 March 2018

Hi ramchandran Thanks for Ur reply. Right now I am working in Bengaluru. And the property is in my home town. Can u plzz suggest me what are necessary procedure to be taken. And how can I save my property. I am worried about this issue as this was my first purchase....

hemanth 15 March 2018

R.Ramachandran (Advocate) 15 March 2018

If you are interested in your property, and if you are not able to go to your home town, then you have to ask some one of your relatives to approach a lawyer in your home town and to take steps.

Only after seeing all the documents, the IP Notice received by you etc., one will be in a position to give a view.