Respected Cousels,
Im Francis from Tamilnadu Vellore, I borrowered a sum of 10 lakhs from my friend for closing of Bank debt, whereas overall loan amount is 40 lacs, out of that 30 lacs was mine and for the remaining bank loan funds shortfall for closing i made debt from him. And clearly closed the account but the original sale deed documents and unregistered agreement for 10 lacs (whereas for giving loan here in Tamilnadu ppl will make a sale agreement of the property- but its unregistered)and the bank full and final settlement have paid by cash and the said closing challan copy have taken by him.
Now he filed a suit stating that i need to register the property to him. Is it possible the value of Property is more than 1 cr. Is it possible to file a case with unregistered agreement, bank challan and my original documents. But still i didnt get the MOD hcancel from the bank.
My queries:
1. He states that i have agreed to do the sale to him, and entire amount of 40 lacs have been made by him so that the bank challan and orginal docs which have heen already handovered by me
2. But for 10 lacs only the unregistered agreement made.
3. Kindly guide me whether judge can made a decision to do sale deed to him.
Thanks
Francis.
Now, your issue is beyond seeking information from an online forum, and it is time that you should contact a local advocate and express your willingness to perform your part of the contract as the amount was borrowed on a mortgage and not on sale. It appears to me that lender's intentions are certainly not fair. No prudent person can suggest you remedy unless the agreement and its clauses are gone through and without the lender filing a suit before a competent court, with his stand. In all such cases, the lenders always remit money themselves to the account and obtain the authorization from the borrower for keeping the documents with them. The property is always security for the mortgage and never outright sale when the property value is Rs.1cr, and the amount borrowed was Rs.10 lakhs. It is insane to agree to sell for such pittance of consideration. Contact a local advocate and prepare to pay such amounts from other sources like a bank loan etc.,
