You should pay EMI if Amrapali has refused to pay instalment
2) you have taken home loan from Andhra bank
3) you are liable to pay installments if builder fails to pay
4) bank will take recovery proceedings against you if you fail to pay
Interest payment under subvention now builder not paying
I purchased Amrapali under construction flat September 2015 thru subvention plan per which Amrapali was supposed to pay interest for first 36 months. home loan was through Andhra Bank disbursed 10% in November 2015. Amrapali paid monthly interest till April 2017 and nothing after that. Andhra bank has been chasing me for the interest and has sent a legal notice to me recently for me to pay the interest charges and threatening to file a case against me. andhra bank presented surety cheques in my bank which were rejected in my bank.I have a legal agreement with Amrapali as per which they are supposed to pay interest till august 2018, on the other hand bank loan with Andhra bank is in my name. The problem is that there is no agreement between the bank and Amrapali, and as per the bank they are asking me to make the payment.I have filed for IRP claim as Amrapali has filed for Insolvency, also our society has filed a case against Amrapali in Supreme Court. I believe that all this should be resolved in the next 180 days and either amrapali will pay or adjust the interest. Till then what should I do since the bank is chasing me and threatening to file a case against me.
Asked 7 years ago in Civil Law
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5 Answers
Hello sir , since the matter is sub judice before Supreme Court , you can provide the information before Lower court and take a stay on the proceedings till the decesion of Supreme Court .. If the magistrate issues you summons under section 138 of NI act , file a appeal against the summoning order in the session court
You cannot escape the liability of paying the interest for the loan availed by you.
The subvention is an agreement between you and the builder.
This has nothing to with the loan availed with the bank.
If the loan interest is not paid then it becomes the duty of the borrower to pay the same, you cannot claim any excuse mentioning that the builder only has to pay the interest.
The bank may initiate recovery action against you if you dont pay the interest or the principal repayment
Send a notice to bank saying that the matter is lis pendis before the Supreme Court and therefore time till the SC decides the matter be given to you.
Regards
Send a legal notice to Amrapali asking them to discharge their obligation in terms of he subvention plan entered into in between you and Amrapali. Ask them to clear all the pending dues (interest) forthwith and to also take care of the future installments.
