Bought a flat but owner raised insolvency

S SHASHANKAR (Querist) 05 December 2018 This query is : Resolved
Hi Sir / Madam
i bought a flat in Chennai in 2014 till now it has not been constructed and recently came to know that he raised insolvency..
For the last few months i am not able to pay the EMI The bank where i took loan is saying we are not responsible u need to pay for the loan opted and threatening like we will raise case against you for cheque bounce...some sections...pls advise with your contact details
Thank you!!

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Guest (Expert) 05 December 2018
You have to file a suit of recovery on the builder and a copy could be marked to the bank as intimation. but Bank has full right to take action for recovery from you. Better discuss in detail with local good Senior Advocate.

BAALASUBRAMANNYAMM (Expert) 06 December 2018
Banks generally releasing such payments by stage wise improvements, to the builder. you ignore the same, if bank already paid the total sale consideration amount. And 2nd thing is, it is your obligation to choose a reputed builder, who will able to complete the construction within time.You can easily understand the capability of your builder that your apartment has not yet been completed since 2014. So finally, you are liable to pay the amounts to your banker.

H.M.Patnaik (Expert) 06 December 2018
Dear Querist,
Since you have availed a H.B. loan from bank, it is your duty to deposit EMIs as per Repayment schedule annexed to the sanction letter. The inability of the Builder to deliver possession of the Flat within agreed time does not absolve from facing penal consequences as per law. In view of the above,pl. get your loan documents etc. examined by an experienced local lawyer dealing banking matters for taking suitable steps as soon as possible.

Dr J C Vashista (Expert) 10 December 2018
1.Repay loan amount in EMI in a dignified manner to avoid untoward proceeding.
2. File suit for specific performance, permanent and mandatory injunction with mesne profits and damage against the builder.
3. You have also the option to approach Consumer Disputes Redressal Fora for deficiency of service of the builder.
Consult and engage a local prudent lawyer for proper guidance and proceeding.

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