Proves that the drt is acting as a collection agents
Nazeer Ahmed
(Querist) 19 February 2016
This query is : Resolved
Proves that the DRT Tribunal is only a collection agents
I had purchased a flat in chennai during April 2006 to be constructed from a reputed builder by name M/s.KG Builders and Developers private limited through a recommendations from ICICI bank Home finder which was confirmed by the builder that the whole of project was financed by the ICICI Bank and after registering the UDS by paying the amount as per the builders agreement through ICICI Bank from the housing loan and the registered document was collected by the builder from the registrar office which the builder handed over to me and I submitted the documents to the bank and they made me to sign the Home loan agreement and the loan amount of Rs.72Lakhs was paid directly to the builder without intimating to me which I protested it through a letter under RPAD dated 2.8.2006. . More over the UDS charged by the builder in the agreement was Rs.48 Lakhs for 700Sq Ft but actual the guideline values comes to only Rs.23 Lakhs and the sale deed was raised only for Rs.23 Lakhs which means that the builder had converted a black money of more than Rs.3 crores from this project for which the bank had supported the builder. I need your feedback and what should be my next move to curtail such menace which is not good for our country.
The EMI was started from the month of August 2006 which I was regular in honoring it though the construction has yet to start. The price of the property jacked up to 150% from Rs.3250.00 per sq feet to Rs.8100.00 per sq feet during February 2007 and the builder came to me to re-transfer the property which has yet to be started for construction. I refused to entertain him and he warned me that he will withhold the possession and I have to struggle for decades to get it. I had full confidence in the judicial system which I refused to bugle down to his threat and only request him to start the construction at the earliest. During April 2007, I received a call from the Manager of the ICICI bank that I had not submitted the UDS sale deed of the property which I got puzzled and started writing letters under RPAD and lodging online complaints to the bank and also to the banking ombudsman from April 2007 to December 2007 and only during the 15 December 2007 I received a letter from the bank asking me to handover the UDS Sale deed which I preferred to be answered through my counsel and it was replied suitably. The construction of the flat was started only during March 2007 and completed during April 2008 i.e. Ground plus three floors with twelve dwelling houses except mine and the builder started allotting the flats to the owners and when I contacted the builder he refused to hear me though I had meticulously paid all the builder amount as well as I was meticulously honoring the EMI’s to the bank. When there was no response from the builder I issued a legal notice to the builder with a copy to the ICICI bank to hand over the flat or face legal action during April 2008 only to be amazed in having received a letter from the Bank addressing to the builder with a copy to me with the following text:
“The property has been financed vide loan account no:xxxxxxx. The sale deed is in the possession of the customer which he had obtained from yourselves. The matter is yet to be resolved. In light of the above and with reference to our previous letters, we insist you not to hand over the possession of the said property until a written confirmation from us.”
I replied through my counsel to this letter by citing all my previous letters and even the reply of December 2007 and a legal way out was suggested by willing to register the hypothecation to the registrar and also accepting in bearing the charges for the said registration and also informing the bank if it did not come forward we have no other option but to move the court as I was meticulously paying my EMI’s regularly. Neither the bank nor the builder came forward for any amicable solution hence we have to move the state consumer forum and the matter is still pending with the Tamilnadu State Consumer Forum as the bank and the builder used all the rules of the law book to drag the matter and I persistently following the court though I never blink in not paying my EMI. The bank and the builder were continuously absent from the proceedings till July 2009 which forced me to suspend the EMI with a letter dated 10.8.2009 that we are willing to close the loan account for which the bank did not responded. Complaints to the banking ombudsman and the bank online complaints was fruitless as I do not want to take risk by paying any amount to the bank and as on date I had discharged nearly Rs.56 Lakhs to the builder and the Bank.During November 2009 I received a loan recall notice which was replied through RPAD accepting to pay the notice amount of Rs.78 Lakhs..I was made to wait in the Bank for whole day and at the end of the day the official in the bank informed me that only on handing over the sale deed they can accept the payment and directed me to meet the builder in this regard. During 7th July 2010 the bank sent me a notice under SARFAESI ACT which was replied on 9th July 2010 with an assurances that I am ready to close the loan amount provided, but the bank chosen to appoint an CONCILIATION PROCESS which we attended it and apprised the conciliator and the pathetic is that the conciliator had yet to pronounce its judgment. The bank came forward and filed its version through the same conciliator during December 2010 and the builder was set exparte. At present the matter is posted judgment as the SCDRC is vacant.. As it is, during March 2012 the bank moved the DRT under OA with the IA plea to attach the property which the bank is in possession and the court had allowed it during March 2013 without taking our plea . The bank was dilly dallying the hearing in the DRT as it had done in consumer forum and we had filled the additional documents to prove the nexus between the builder and the bank. The matter was posted for enquiry in the IA’s filed for the additional documents but instead of deciding for the additional documents the Presiding officer had given the following enclosed direction ie to pay the claim amount of the OA to the bank. I have no pain in losing the property as well as the amount I had paid to the bank and builder but I want to nail the wrong doers. In my case it is obvious that the bank is helping the builder in grasping the property which was faced with the stiff opposition from me. I came forward in fighting this menace but two of my co owner had to surrender their flat by getting only Rs.5 Lakhs from the builder.
The order says: Ld counsel for the application bank and defendant in person are present.Heard both sides.The defendant is directed to deposit a sum of Rs.95 Lakhs by way of Demand draft drawn in the name of the applicant bank remittable to the credit of loan account of the defendants by 04.04.2016. The applicant bank is directed to furnish its statement of accounts, one inclusive of penal interest and another statement of Accounts without levy of penal interest and also statement showing balance amount payable to the bank for giving physical delivery of the flat to the defendants. The applicant bank is also directed to furnish the sale deed by coordinating with the builder or help to re-create,if not available.
rajagopal.s
(Expert) 21 February 2016
Hi
Sad state of affairs. looks like the Undivided share of land registration deed is still with the builder or the bank.
All the more that the builder has not handed over possession of the property to you.
You should approach the DRAT(Debt Recovery Appellate Tribunal(the problem is that DRAT will ask you to deposit 50% of amount decreed by the court).
I suggest you approach the high court directly the reason being
a)You have already paid a substantial sum of the money (Rs56 Lakhs) to the bank (As advance money, EMI etc) without taking possession even.
b) Even assuming the demand is 95 lakhs, the DRT should have decreed to subtract the 56 lakhs paid by you and the outstanding should be around 39 lakhs only(including interest).
c) Once mortgaged, it is the duty of the bankers to collect the mortgaged titled deeds(in your case the UDS) which they have ignored. If the UDS is not in possession of your bank, it is their duty to apply for UDS and provide you the new one and also waive off any liabilities arising out of the Old UDS agreement.
b)
