adv fauzia azim
22 August 2008 at 01:21
HELLO FRIENDS,
PLEASE LER ME KNOW IF A WILL CAN BE MADE OUT IF THE PROPERTY IS TENANTED,AND RENT CONTROL ACT APPLES TO IT(BOMBAY R ACT).ALSO DOES IT HAVE TO BE MADE ON A STAMP PAPER?AND CAN IT BE REGISTERED BY A NOTARY?WHAT ARE THE OTHERREQUIREMENTS OF A WILL?LOOKING FORWARD TO AN EARLY PEPLY,THNKS IN ADVANCE.
R.VENKATESAN
06 August 2008 at 12:31
One Mr. X is the absolute owner of an immovable property. X avails a loan for which the creditor obtains a registered sale agreement in favour of one Y and a General Power of Attorney (registered) in his favour i.e creditor.The said registered agreement and GPA were executed during Febraury,2000 on the same day. Mr.X executes an unregistered Will bequeathin the said property in favour of his wife Z during April,2000. Since August 2000, X is missing. A police complaint was lodged by Z (wife of X alongwith her son) and also paper publication (public notice regarding missing was also given in local dailies) during Early 2001. The Police Authorities have issued a No traceable Certificate during June2008. In the meanwhile, the Agreement holder Y is dead during the year 2004. The creditor who is holding the GPA executes a registered sale deed in favour of the legal representatives of Y during May,2008. The value of the property as on today is multifold and the amount mentioned in the sale agreement during 2000 is rs. 3,00,000/-.In the sale agreement it is receited that a sum of Rs.2,50,000/- was paid to X and the balance sale consideration payable is Rs.50,000/- only. Now Z wants to safeguard her property. The legal question is that whether there can be a presumption under Sections 107 and 108 of the Evidence Act that there is a Civil Death of X during the year 2007. consequently the GPA is invalid under law and thus the sale is not valid or whether the civil death can be considered only after the fact that the court declares the civil death and thereby there is a valid sale basing on the GPA. The other aspect is that whether the GPA is coupled with interest as per the provisions of Transfer of property Act. Whether the unregistered instrument requires probate? Request for solution with judgements of High Courts and Supreme courts on this point.
Whether wife of X can question the sale agreement executed by X during February 2000 as barred by time? Whether she can question that the transaction is only a finance transaction and the same cannot be enforced?
R.VENKATESAN
06 August 2008 at 09:00
One Mr. X is the absolute owner of an immovable property. X avails a loan for which the creditor obtains a registered sale agreement in favour of one Y and a General Power of Attorney (registered) in his favour i.e creditor.The said registered agreement and GPA were executed during Febraury,2000 on the same day.
Mr.X executes an unregistered Will bequeathin the said property in favour of his wife Z during April,2000. Since August 2000, X is missing.
A police complaint was lodged by Z (wife of X alongwith her son) and also paper publication (public notice regarding missing was also given in local dailies) during Early 2001. The Police Authorities have issued a No traceable Certificate during June2008.
In the meanwhile, the Agreement holder Y is dead during the year 2004. The creditor who is holding the GPA executes a registered sale deed in favour of the legal representatives of Y during May,2008. The value of the property as on today is multifold and the amount mentioned in the sale agreement during 2000 is rs. 3,00,000/-.
Now Z wants to safeguard her property. The legal question is that whether there can be a presumption under Sections 107 and 108 of the Evidence Act that there is a Civil Death of X during the year 2007. consequently the GPA is invalid under law and thus the sale is not valid or whether the civil death can be considered only after the fact that the court declares the civil death and thereby there is a valid sale basing on the GPA.
The other aspect is that whether the GPA is coupled with interest as per the provisions of Transfer of property Act.
Whether the unregistered instrument requires probate?
Request for solution with judgements of High Courts and Supreme courts on this point.
R.VENKATESAN
28 July 2008 at 13:35
A recovery certificate was issued by the Debts Recovery Tribunal. Thereafter the mortgaged property was auctioned by the Recovery Officer as provided under The Second Schedule to the Income Tax Act 1961 and as per the provisions of The Income Tax (Certificate proceedings) rules 1962.
The auction purchaser deposited the entire amount before the Recovery Officer. In the meanwhile, the mortgagor/borrowers filed writ petitions before the High court and the confirmation of sale was stayed.
In the meanwhile, the auction purchaser filed an application to deposit the bid amount in Interest bearing fixed deposit and the same was deposited in a Nationalised Bank.
The Writ petitions filed by the mortgagor/borrower were dismissed. The auction also confirmed by the Recovery Officer in favour of the auction purchaser.
The bank wanted to adjust the bid amount deposited with the accrued interest. The auction purchaser has filed an application seeking relief before the DRT stating that the interest amount has to be paid to the auction purchaser.
Whether the auction purchaser is entitled to the said relief. Any case laws on the said subject.
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Securitisation act
i'm a director in a pvt ltd company had taken a loan from canara bank,baroda,Gujarat,for the company Rs. 2.5 Crore had mortgaged my house and a flat of my daughter as third party guarantor.
I failed in repayment after 3 years of dealing with bank,account become NPA and Bank did all the procedures and sold my house and not back the NPA notice amount in full of 2.5 crore.
Now between recovery and NPA classification it took 8 months time. Now bank is demanding Penal interest/Interest/legal expenses amount to Rs. 70 lacs for 8 months otherwise they will sell daughter,s flat.
Bank got the original demand notice amount in full.
Approached many advocates but no body seems knowledgeable and all have different views but no body was confident.
Can you suggest me a way to save my daughter,s flat i'm ready to pay some amount but not the huge amount bank is asking.
I met the manager of bank but he says he is helpless as the flat is mortgaged with them if flat was not there they would have bargained in amount.
Please help.
Best Regards