• Booked and registered a shop in mall; mall is possessed by bank

I have purchased a shop for Rs 20 Lacs in a Mall at Raipur Chatisgargh,  Now that mall is 95 % complete and my shop is already registered 1 year back (dec- 2013) in my name with stamp duty paid etc .,  now last week when i visited the Mall it was locked and the notice was pasted as  this property possessed by Punjab national bank for not repayment of loan by builder .
In this condition what is my position of ownership .  how i can claim my shop or how i can get my money refund ?
Asked 2 years ago in Property Law from Raipur, Chhattisgarh
1. You have been duped by the seller who did not disclose that the said Mall has been mortgaged with the Bank,

2. Mortgaged property can not be sold or dealt with in any manner without the consent of the Mortgagee,

3. You might have to lodge a police complaint and file a Money Suit against the seller of the shop for the refund of the money you have paid,

4. Contact the Bank and collect the latest position of their total recovery against the outstanding loan amount,

5. Handle the matter very delicately.
Krishna Kishore Ganguly
Advocate, Kolkata
12720 Answers
262 Consultations
5.0 on 5.0
1)you have to file suit for specific performance against builder seek delivery of possession of shop 


2) in the laternative seek refund of money paid with interest 

3) you can also file complaint of cheating , criminal breach of trust against the builder 

4) approach bank and find out extent of loan outstanding as on date by builder .
Ajay Sethi
Advocate, Mumbai
24738 Answers
1327 Consultations
5.0 on 5.0
1. File a police complaint with the police on cheating against the person who received the amount from you.
2. Find out the latest position with the bankers on the default loan amount.
3. Then you file a Suit for declaration of title and recovery of possession
4. otherwise you file a suit for return of the Refund of the money with interest.
A. Maria Stephen
Advocate, Kanyakumari
17 Answers
0 Consultations
5.0 on 5.0
The seller has cheated you by not informing you that the shop was already mortgaged by the bank. So you should file a police complaint under Section 420 of IPC for cheating and criminal breach of trust. 
Further file a  suit for specific performance against builder seek delivery of possession of shop or refund of the money paid  with interest.
Sudershani Ray
Advocate, New Delhi
192 Answers
26 Consultations
4.9 on 5.0
1. You have been cheated by the seller in as much as he sold you the shop which was under mortgage.You also failed to carry out legal due diligence before purchasing.

2. Had due diligence been carried out it would have revealed that the property has been mortgaged. Mortgage is created by deposit of title deed of the property with the mortgagee. So a mortgaged property cannot be sold without the permission of the mortgagee, which in this case is PNB.

3. The remedy available to you now is to file a lawsuit for refund of money against the seller. In addition thereto you can also file a criminal complaint for cheating and breach of trust.

4. At first contact the bank and ascertain the extent of loan which has not been repaid.
Ashish Davessar
Advocate, Jaipur
18860 Answers
472 Consultations
5.0 on 5.0

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