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SAINATH DEVALLA (LEGAL CONSULTANT)     31 July 2010

WRONG REGISTRATION

SAINATH DEVALLA

                                 A friend of mine has obtained a loan from ICICI BANK in the year 2005 for the purchase of a flat.He was regularly paying the EMI's till a year back.Now he is actually a defaulty. Here I would like to emphasise a complicated legal point, Actually his flat registered by the Builder is SF2.( Third floor).But the door no of the flat as mentioned in the ICICI loan document is SF1( Second floor). The entire documentation  done at the time of processing or disbursing the said loan is mentioned against SF1(Second floor) by the officials of the bank.  Now what is the legality in the disbursement of the loan by the concerned bank?How far is my friend liable?. May i have the views of the forum.



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 5 Replies

Bharatkumar (ADVOCATE )     31 July 2010

U registered a Rectification Deed in registrar office and write in this deed that it is a  typographical error.

SAINATH DEVALLA (LEGAL CONSULTANT)     31 July 2010

SAINATH DEVALLA

                                   Further to my above posting,I would like to have some more legal clarifications from experts.

 1. Now the loan account has been transterred by ICICI to their sister concern ARCIL, for recovery or regularisation of loan account.

 2. As the door no fo the flat is wrongly mentioned in the loan documents of the bank,how far is it legally binding on the part of the bank for proceeding in the court of law. The flat owner is no where concerned about the mistake.He came to know about it only recently.

SAINATH DEVALLA (LEGAL CONSULTANT)     02 August 2010

AWAITING EAGERLY THE VIEWS AND ADVICE OF THE LEARNED MEMBERS OF THE FORUM

SAINATH DEVALLA (LEGAL CONSULTANT)     03 August 2010

Mr.Makkad,

                 The 1st floor was registered in the name of another person well before my friend purchased the 2nd floor.

                  I would like to emphasise one point here clearly.Even my friend was not aware of the lapse done by the staff of the concerned bank.He came to know about it only recently. His flat is in the second floor. Now what is the position of my friend and the bank.Will the bank claim the property on the 1st floor,they can't as its owner is somebody else.

SAINATH DEVALLA (LEGAL CONSULTANT)     04 August 2010

Dear Mr.Makkad,

                            Further to the above query,I would like to state that Rectification deed was done in the year 2006.But the bank failed to take the rectificatioin deed from the owner.Still the original deed is in the possession of my friend.Kindly advice at the earliest.


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