is associate of person (AOP) legal santity?

if AOP does not have legal santity,
can we take them with tripartite agreement (lender, buyer and contractor) and registered at SRO.
then lender is enforce the security under SARFESI in case of default by either buyer or CONTRACTOR.

Previously they registered undivided share through a partition deed, mentioned partioned flats with boundaries vide CRDA plan approval.
Advocate certify the clear absolute and markateble title over land.

All they r engineers and wanted construct the apartment themselves.
Hence they formed a group named with "Engineers Edifice". ( For construction purpose with no profit no Loss). it is one time permission given by IT department. group having PAN and GST also.

No where mentioned construction details in partiondeed. Hence Lender enter TRIPARTITE with buyer and group for construction with suitable conditions in TPT to safe guard the bank interest and get register with SRO.

Now TPT is registered. In this case,
Any default by buyer, engineers edifice, Is Lender proceeds against them under securitisation act.
Please advice.


MY OPINION:

1. AOP need not registered. AOP just like proprietary concern. it is a facility given for those who do for themselves for particular purpose at single time.
Here themselves construct for single time with no profit/loss.

2. Engineers Edifice opened a current account with bank to carry out the purchase the land and construction
works. The sale proceeds of the loan amount to be credited to that current account and progress of construction ensured by the Lender through TPT.

3. For construction purpose lender enter into the TPT with suitable conditions to safe guard bank interest and get registered with SRO.
Registered TPT is also a document to be mortgage along with the clear title documents to create mortgage and get noting by SRO.

Now please advise me to how to finance buyers by lender.

Thanking u sir,

RANGARAJAN
CELL 9440724640.