Civil Procedure Code (CPC)

Transfer of lease hold right through unregistered poa


Sir,

One Partnership concern, having 5 partners from one family, aquired Lease hold rights on a plot of District Industries Centre, After few years 4 partners of the firm given a unregistered Notorized Power of Attorney to one partner for transferring the lease hold right to other person. One Pvt Ltd company purchased the lease hold right mutuated its name on the record of District Industries Centre, erected the building on the said plot and applied for a Loan in the Bank. DIC has issued NOC for creation of Mortgage but Banks Law officer says that Since POA was not registered as such transfer of lease rights of the propety can not be treated as concluded and has raised question to create a Valid EM. Whether law prohibits to create EM on such Property. As far as my knowldge is concern Hon Supreme Court has clearly directives in their judgement in 2011 that Unregistered POA to a family member does not raise any question and genuine in transaction. Please advise

 
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