Un registered gpa

Querist : Anonymous (Querist) 06 November 2011 This query is : Resolved
sir,

I am giving Irrevocable GPA to Bank for collection of rents from tenents for adjusting to my Loan account if I defaulter. (This is given for taking loan for construction of building)

I have signed in GPA format which typed in MS Word document.

Is there any risk in future?

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ajay sethi (Expert) 06 November 2011
the objective is to protect the interests of banks in case you default . please consult a lawyer as far as wordings of irrevocable POA is concerned .

if you have already signed on document what advice can be given now after execution

prabhakar singh (Expert) 06 November 2011
I agree with expression of Mr.Sethi.

bhagwat patil (Expert) 07 November 2011
Secondly if your tenant defaults rent your loan a/c will go to NPA,your liability cannot be discharged only singing of POA for collection of rent.even in case where the bank itself takes the premise on rent which is financed by same bank and defaults the rent can sue in DRT for NPA for loan A/c .the defence taken by borrower that he himself owe amount to the same bank is not tenable.

Sailesh Kumar Shah (Expert) 07 November 2011
Shri Ajay and Bhagwat rightly answered of your whole query.

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