Recovery order from two banks
SAA_Bombay
(Querist) 20 November 2012
This query is : Resolved
Dear Sir, this has happen in our society very suddenly, as we are new members in society & old records of society are not traceable (purposely). Recently, we received a ltr from Model Co-op bank that one of flat in our society say "A" is in lien of bank against defaulted loan of member "X" from year 2006. Now, we received one more ltr from recovery officer of Cosmos bank along with copy of attachment order copy saying that this flat "A" is under attachment for non payment of loan from year 2002. When we member investigated we found member "X"s name in list of defaulters on net & they have one more loan from Canara bank.
We think that this banks don't know the realty among them-self, so i suggested committee members that we should inform bank that all have interest in one single property but our committee members say that its a personal matter of member & society should not inter fear in same. Please advice what shall we do? I am confused how banks don't know that all thier mortgage, attachment. lien is on one single property?
ajay sethi
(Expert) 20 November 2012
in case flat is mortgaged to bank society is bound to note the lien of bank in its records . it is surprising that your society does no maintain records of flats mortgaged to banks . generally loan is granted by bank on basis that society will not transfer , create thrid party rights in respect of flat mortgaged .
update your records or society will be in a big mess one day .
please note that these 2 flats cnanot be sold since attachment orders have been passed .if your society managing committee does not want to inform bank about second mortgage you cant force them to do so .check society records whether society has informed bnak that property was already mortgaged when second loan was taken . if society has deliberately failed to disclose information then the bank will file case against society too
Guest
(Expert) 20 November 2012
The perception of committee members being right or wrong, whether the society should interfere in matter or not depends upon clarification of the point whether yours is a cooperative Group Housing Society or just a society of flat owners. However, Shri Ajay Sethi has rightly advised on the issue.
SAA_Bombay
(Querist) 20 November 2012
Dear Mr. Sethi, Ok, we can't force society, but don't you think that society is cheating to banks as in case, second bank does not know abt the attachment order but society does. It means that society deliberately kept silent. it can raise a doubt that MC members too were involved in cheating knowingly. in your reply you have mentioned two flats, but it is one flat. one more thing, if attachment order was issued in year 2002 why bank does not attached it till date?
ajay sethi
(Expert) 20 November 2012
the bank should answwer what it was doing for 10 years . the defaulter member X must have taken pains that attchament order should not be forwarded to society .
if you so desire raise the issue in AGM that society is not maintaining proper records of flats mortgaged
ajay sethi
(Expert) 20 November 2012
you cna also complain to DY registrar of cooperative socities of your ward to take action against the society
Raj Kumar Makkad
(Expert) 21 November 2012
I have also similar opinion as of Ajay.
