Maintability of sarfaesi act

Friends,

Please send your suggestions

Who wants to invoke the provisions of sarfesi act and against whom.  Your information is too vague and cannot be addressed with proper opinion with incorrect information provided.

Sir,

Sorry for the insufficent information.  The present case is one the person has taken flat from one housing society in Coimbatore, Tamilnadu.  The housing society has planned to construct 480 flats (like township) in 2 phases.  The said housing society approached Tamilnadu Co-operative Housing Federation limited for loan to construct 480 flats in the year 1998 and was sanctioned loan of Rs.25 Crores from HUDCO, New Delhi.  There was an mortgage entered with Tamilnadu Co-operative Housing Federation and HUDCO.  After that the said society unable to constrcut entire 480 flats only 240 has been constructed and Society was defaulted for lack of security and repayment of loan.  Then the said socity becomes defaulter.  In the meanwhile they trying to sell the available flats to the proposed buyers.  But no banks are ready to finance for the individuals due to existing mortgage.  In the mean while on bank officer with collusion with vendor has offered loan in the year 2003.  He also offered one flat in the same place.  The society has given only allottment letter & sale agreement to the buyers.   There is no title deed is given till now.

Currently many people are defaulted to bank.  Now my question is it possible by bank to proceed against the individuals under SARFAESI Act eventhough title deed is not given and mortgage (either equitable or registered ) is not there.  Now the said society is having a liability of more than 60 crores to the tamilnadu housing federation.

Please give your opinion.

Sir,

Sorry for the insufficent information.  The present case is one the person has taken flat from one housing society in Coimbatore, Tamilnadu.  The housing society has planned to construct 480 flats (like township) in 2 phases.  The said housing society approached Tamilnadu Co-operative Housing Federation limited for loan to construct 480 flats in the year 1998 and was sanctioned loan of Rs.25 Crores from HUDCO, New Delhi.  There was an mortgage entered with Tamilnadu Co-operative Housing Federation and HUDCO.  After that the said society unable to constrcut entire 480 flats only 240 has been constructed and Society was defaulted for lack of security and repayment of loan.  Then the said socity becomes defaulter.  In the meanwhile they trying to sell the available flats to the proposed buyers.  But no banks are ready to finance for the individuals due to existing mortgage.  In the mean while on bank officer with collusion with vendor has offered loan in the year 2003.  He also offered one flat in the same place.  The society has given only allottment letter & sale agreement to the buyers.   There is no title deed is given till now.

Currently many people are defaulted to bank.  Now my question is it possible by bank to proceed against the individuals under SARFAESI Act eventhough title deed is not given and mortgage (either equitable or registered ) is not there.  Now the said society is having a liability of more than 60 crores to the tamilnadu housing federation.

Please give your opinion.

Selling a home can be an arduous process. From choosing how to list your home to ensuring the house is up to code, there seems to be a million little things that need to be completed before any prospective buyer ever sets foot in your home, Norma Walton. With that being said, many first-time home sellers often overlook the importance of making a home truly ready to be shown. They focus on the selling features and forget that part of the buying experience entails creating an image and a setting.

The matter what you have posted is not a fit case to be discussed here.  This involves housing society, housing federation an HUDCO,  If the society approached housing federation, then the federation entered into a mortgage with HUDCO for mortgage loan.
Now the society has not made registration in the name of buyers, therefore the buyers are literally not bound by the bank terms until there is a tripartite agreement between society, buyer and bank. Whereas the federation already availed loan, so who is the defaulter to HUDCO now?

The entire matter has to be studied along with the relevant papers, hence your own advocate, who has sen all the papers and is in full knowledge about the transactions and dealing shall be right person to give  proper opinion. or you can revert with his opinion for a second opinion with accurate details, you shall be rendered with proper opinion and suggestions therein.  .