Greetings Respected Seniors
I along with my brother in law have conjointly provided loans to a person (Borrower) to the tune of Rs. 3,40,00,000 /- (Rupees Two Crores Forty Lacs Only) (Said loan) in equal proportion i.e. Rs. 1,70,00,000 /- each. However due to poor financial conditions, the said borrower is unable to repay the said loan to us. The said borrower is owner of a 3 BHK Residential Apartment whose approximate market value is about Rs. 6,00,00,000 /- (Rupees Six Crore Only). Since the said borrower is unable to repay the said loan to us and also since there is no potential purchaser of his “said flat premises” in the present market scenario, therefore the said borrower has now agreed to grant possession of his 3 BHK owned Flat premises to us pursuant to the execution of one “Memorandum of Understanding” which particularly stipulates that we (I & my brother in law) shall take possession of his said flat premises for a period of 6 months. During this phase of 6 months, we shall try to market & sell the said premises to a third-party or in the alternative I alone shall purchase the said property at market rate from the said borrower, in case, I desire to do so.
During this phase of 6 months wherein the said flat premises is in our possession, my queries are:
1. What are the rights and liabilities of each one of us i.e. Me & my brother in law in respect of the said 3 BHK flat premises during this phase of 6 months?
2. If I intend to take a trial of the said 3 BHK apartment by residing in it on trial basis (In order to decide if I wish to purchase the said flat premises from the said borrower), then what is the duration for which I can personally reside in the said flat premises (on trial basis)? Does my partner i.e. my brother in law has a right to take an objection against me for residing in the said premises on trial basis for a fixed duration?
Kindly enlighten me on this captioned matter.