I LIVE IN A SOCIETY IN NEW DELHI WHICH IS REGISTERED UNDER DELHI CO-OPERATIVE HOUSING SOCIETY SINCE 1979.
SOCIETY MEMBERS TOOK A LOAN FROM SOCIETY OFFICE FOR 19YEARS UPTO 2007 TO BUY A FLAT ,
WHICH SOCIETY OFFICE BORROWED FROM DCHFC(DELHI CO-OPERATIVE HOUSING FINANCIAL CORPORATTION ).
NOW ALL MEMBERS PAID THEIR LOANS IN TIME TO SOCIETY OFFICE BUT SOCIETY OFFICE DID NOT PAY THE SAME TO DCHFC IN TIME AND NOW SHORT OF RS 1.5CRORES + PENAL INTEREST OF RS.14CRORES WHICH IS GROWING RAPIDLY DAY BY DAY DUE TO WHICH FLAT REGISTRATION ALSO HAS BEEN STOPPED.
OBVIOUSLY SOCIETY OFFICE MANAGEMENT FRAUDED THE PAID LOAN AMOUNT BY SOCIETY FLAT OWNERS AND NOW UNABLE TO PAY SUCH A HUGE AMOUNT.
QUESTIONS:-
1. CAN SOCIETY HAVE AN OPTION TO DECLARE ITSELF BANKRUPT AND LOSE ITS ASSETS AND GET RID FROM THE WHOLE LOAN AMOUNT DUE BY DCHFC.
2. IF 'YES' THEN WHAT SOCIETY FLAT OWNERS WILL LOSE (NAME OF A SOCIETY, LICENSE OF CO-OPERATIVE).
PLS REPLY SOON AS WE ARE IN BIG TROUBLE..
