My dad authorised me by giving General Power of Attorney last year for our 15 acres of Ancestoral Property. My dad is a heavy drinker and does not care of his family at all. He had a loan of 15 lacs against mortgage of property. Dad never paid any EMI of the loan so he was declared defaulter and to repay the loan, I had committed with a buyer to sell him the property using GPA.
After recieving a token money of 30 lac rupees, I repaied all the loans and cleared the property. Now my dad, cancelled the GPA and is not agreeing to sell the property. The date mentioned in the legal document for registration of Sale of Property is 10 May 2011.
I consulted with an advocate he said that if buyer files a case under 420, I might get arrested as well and the property can get attached and can be auctioned by Govt.
I want to know, what I can do in this regard. As since I had paid the token money to clear the land, I dont have any left to repay them back so as to avoid such circumsntances.
I am very much afraid as 10th of May is approaching.