mortgage
barun deka
(Querist) 14 December 2009
This query is : Resolved
a builder was engaged to construct an apartment building in my client's land. apart from monetary consideration my client was given an apartment for the value of the land. now it is discovered that the builder has fraudulently taken a loan from a bank keeping the apartment allocated to my client as mortgage. on failing to repay the loan, the bank authorities are trying to get my client's apartment attached. the bank has approached the DRT and we also have been made proforma defendant. any decisions supporting my defense?
Raj Kumar Makkad
(Expert) 14 December 2009
If your cleint had been made owner on freehold basis then he is not liable to pay and only builder is liable.
Devajyoti Barman
(Expert) 14 December 2009
It appears from your query that there was a development agreement between your client and the developer with demarcation of their allocation. If that is so then the agreement was a contract of agency only and no transfer of right, title and interest in the property. In that circumstances even if the builder mortgaged the allotment of the landowner that was a fraudulent transaction and the mortgagor had no right to mortgage that portion. You immediately raise this issue before the DRT itself and ask for injunction.No specific precedent is required.
barun deka
(Querist) 14 December 2009
any decisions? case laws?
