• Promissory note recovery

Sir,
i had purchased a house in 2015 ,i had followed all the formalities like legal advise,bank loan everything went in a smooth way.Actually the house was under bank loan,i had discharged mortgage bank loan and bought with bank loan of 20 lakhs.The money was issued by cheque at the time of registration. 
After 3 months i got a notice from the court saying that seller and myself (buyer) colluded so as to evade from the borrowed money from the petitioner who had taken 2 lakhs in 2013 with promissory note .
now my lawyer examined myself and bank manager and rest of the petitioner and 1st recipient. also,
1st recipient (seller)did not present any insolvency.
1st recipient is saying that i did not take any money from petitioner and he is saying that no any other properties with him.
my lawyer defending that petitioner and 1st recipient both were colluded to extort more money from me (buyer) coz both were friends and did real estate business in the past.

Now my doubt is what could be the judgement.i am sure that i did follow all the for
malities and neither conspiracy nor collusion between the seller and myself.
thank u
krishna
Asked 4 years ago in Property Law
Religion: Hindu

2 answers received in 10 minutes.

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9 Answers

Liability for repayment of loan is with the seller

2) you are bonafide purchaser of value

3) you had repaid the bank loan and purchased the property

4) you are not liable to make payment to the lender

Ajay Sethi
Advocate, Mumbai
87932 Answers
6207 Consultations

5.0 on 5.0

Your are bonefide purchaser payed the loan amount and purchased it bonefide title.

You hmare not in debt with the lender so ultimately he cannot recover money from you.

Promissory note is against the person who issued it in.lieu of money as debt your not liable for same.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

1. The merit of the case is very difficult to advise or outcome of a trial is hard to predict without seeing the respective pleadings and scanning evidence of both sides.

2. Its not clear what is the nature of the suit and who has filed the same.

3. If you are successful in establishing that you are bona fide purchaser without notice then your interests are protected.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
402 Consultations

5.0 on 5.0

Reply to your defamation question:

A suit of defamation and a complaint under ipc for defamation is admissible and punishable when the act of any person is with the intention to defame you. And the act of the defendant is not bone fide,

If so is the case you can file a civil suit to recover damages for defamation and along with that a criminal complaint under IPC 499 and 500 for defamation.

The act of defendant has harmed your reputation and was not bonefide and was with malice is need to be established before court in criminal case.

though in civil suit for damages no malice by an large need to be proved you just have to show there was defamation and you suffered damages.

So under the said condition in your case when you are falsely implicated wherein you have no relation to case a defamation can be filed, though he can take a plea that he was bone fide in adding you as party which can be argued based on facts and circumstances.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

You are not liable to make payment to bank since you had paid loan amount and also you are bona fide purchaser as such you are not liable to pay the lender. Secondly case judgment depends on how properly your advocate has represented your case.

Swarnarka Chowdhury
Advocate, Mysore
1878 Answers
5 Consultations

5.0 on 5.0

Yes, you are at the right phase.

But, it is also true that it would take some time from your side before the court no matter eventually you will win for sure.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

If the case doesn't have primafacie merits it will be decided in your favour. It depends on how the said trail is conducted and what detailed evidence is examined.

Prashant Nayak
Advocate, Mumbai
27261 Answers
88 Consultations

4.4 on 5.0

Your lawyer is going on the right path and I am hopeful that the judgment will be delivered in your favor since all the formalities have been followed by you.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Promissory note is for money recovery only and not for recovery of property.

Since this property was not mortgaged at the time of purchase and as you have purchased the property by a registered sale deed, you may be confident that the case filed by the opposite party is not maintainable and it is liable to be dismissed.

T Kalaiselvan
Advocate, Vellore
78089 Answers
1543 Consultations

5.0 on 5.0

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