Leasehold society


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.
Kindly advice
 
Reply   
 
Advocate

You all approach a local lawyer with all records and get suggestion and act accordingly


Total likes : 1 times

 
Reply   
 


ha21@rediffmail.com Mumbai : 9820174108

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.

Keep Smiling .... Hemant Agarwal 
VISIT:  www.chshelpforum.com


Total likes : 1 times

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  


 

  Search Forum








×

Menu

Post a Suggestion for LCI Team
Post a Legal Query
Forensics & Evidence     |    x