Bid for house

Querist : Anonymous (Querist) 20 November 2011 This query is : Resolved
ONE OF MY CLIENT WON THE BID OF HOUSE FROM STATE BANK OF BIKANER , AMRITSAR. At the time of taking delivery of the house , It was found that the house was pledged with two Banks . One with original Deed at S.B.J and other one with fake deed with B.O.B. My client want to withdraw because at the time of the bid , there was no disclosure of the fact. Can he initiate criminal proceeding u/s 420 by making party to the Branch Manager. Kindly clarify law point and any other course of action , if any. In my opinion , it is null and void agreement, review whether I am right or wrong. I am C.A Final student.

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Devajyoti Barman (Expert) 21 November 2011
How???
Ws the bank party to the fraud/
I do not the think that even the bank was aware of this fraud otherwise he could have never procured loan from it.
At the most you can withdraw from the bidding process.

M/s. Y-not legal services (Expert) 21 November 2011
Of course the agreement is very fit to say null and void. You can withdraw it.

prabhakar singh (Expert) 21 November 2011
Yes! i agree with opinions expressed.

Rajeev Kumar (Expert) 21 November 2011
I agree with experts

Sailesh Kumar Shah (Expert) 21 November 2011
I also agree with opinion expressed by Learned Experts.

Raj Kumar Makkad (Expert) 21 November 2011
None has expressed opinion on the query but everyone except barman is saying 'agree with experts' but on which point?

Branch of Bikaner and Jaipur Bank Amritsar, if has issued 'Free from all Encumbrances' then it is liable for all outstanding dues etc. and you are entitled to ensure possession over purchased property as per auction sale and later on confirmation to sale.

No criminal liability rests with aforesaid bank.

Shonee Kapoor (Expert) 22 November 2011
Bank is liable for all outstandings, I agree with Ld. Mr. Makkad.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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