Society A has land on 999 yrs lease. It has 50 members to whom it has leased plots for 999 yrs. A loan was taken and repayment not done. The Society has cancelled the membership as bank wanted to seize this property and Society claims it's their property.Is it legal to have a Society on such double leased land.
1. YES ... Bank does have authority to seize /auction the property (leasehold property) of that particular member, to the extent of the residual portion of the lease period. Bank shall step in shoes of that particular member.
2. AFTER Seize & Auction, the new buyer shall step into shoes of original member and should be entitled to property to the extent of the residual portion of the lease period.