Hon'ble sc's verdict on sale of prperties through gpa oct 11
Sandeep
(Querist) 07 September 2018
This query is : Resolved
Hi Sir,
One of my friend purchased a residential property in Noida in July 2013 through a registered sale deed in the name of his pvt ltd co (ABC Pvt Ltd). The same property was sold by a Pvt Ltd co (XYZ Pvt Ltd) to an individual in Jan 2011 through registered GPA/Agreement to Sell.
In Jul 2013 XYZ Pvt Ltd sold the property to my friends co ABC Pvt Ltd though its GPA holder.
My query is if the Sale of this property to my friends co (ABC Pvt Ltd) will be considered as invalid as it was executed by a GPA holder. But the GPA was executed in Jan 2011 while the verdict came in Oct 2011 so the transaction will be considered as valid?
The said property is already mortgaged with Bank A (availed in 2016) for some loan and now he wants to balance transfer the loan to Bank B , but Bank B has raised the query about the validity of the transaction happened through GPA in Jan 2011.
Request your expert advice on the same.
Thanks,
Sandeep..
Guest
(Expert) 08 September 2018
For commercial query of a company, ask your friend to hire services of some local property laws expert lawyer to help him. If the bank has objected to honour a GPA based transaction, the bank is not bound to agree with the replies of the LCI experts, if they state the property transaction as valid.
Also, if one bank is not ready to oblige him, he may approach another bank for loan.
Dr J C Vashista
(Expert) 09 September 2018
Consult a local prudent lawyer for better appreciation of facts, analyses, guidance and proper proceeding. If you feel, may contact me at Ch. No 647, 6th Floor, Lawyer's Chamber Block, Dwarka Courts Complex, Sector 10, Dwarka, New Delhi-110075: email majjagdish@yahoo.com; Cell # 9891152939
