srinivas (CA final Student) 05 November 2008
K.C.Suresh (Advocate) 06 November 2008
Approach the High Court or file a criminal compalint for cheating U/s 420 IPC, Breach of trust U/s 409IPC , misappropriation U/s 403 of Indian Penal Code against Bank officials. The cause of action arises when they allowed the loan amount disbursed to Mr. A when the construction was not started. This omission to verify the the site is an illegal omission which amounts to an offence. This can be taken as part of criminal conspiracy U/s 120B IPC.
So dear Srinivas you have well dfined options to do. No bank can wait for 22 months. so start criminal action by filing a petition in the concerned HC to get the matter investigated by CBI as the Bank staff comes under the jurisdiction of Central government employees. When you get a favourable order to investigate the matter by CBI the bank will fall down on your foot
ravikumarbcombl (advocate) 06 November 2008
your question is when can be the indemnity cluase excercised..... right? actually that indemnity will applicabe only at the time of the indemnified sustained any loss or damage, the other party as indemnifier has to compensate or make good for the loss. it's for simple understanding........ usually in every agreement and various deeds this indenification clause will be there for this foreseen occassions.......in general not mandatory.... but the bank once they issued the sale certificate by an auction it can be registered at anytime, the sale deed of the previous vendor is the title document Mr.X already got it right? for mere registration no other documents are required... i think so...... only Mr.X further has to get the revenue records like Patta, tax receipts in the name of the previous vendor. etc. otherwise the sale certificate only the title document in the name of Mr.X and the same would be registered before the concern Registrar... that part to be done by the bank, they have the resonsibility in that.