There is no issue with the project this is general procedure followed in all the JOint development agreements. In JDA itself they state that all assignee of company can make a valid deed in favour of buyer. In case of company a resolution passed by all the director is legal and binding document for authority even if there is dispute it won't nullify the authorisation given in past.

So.you can go ahead with the project.

Check building plan approvals.

Terms of JDA

Terms of your agreement.

There won't be any issue.

Attach copy of l GPA and authorisation letter with the sale deed.

There won't be any such situation there is no risk if registered GPA, valid title documents , registered JDA , signed authorization letter and occupancy and possession certificate then you are good to go no risk involved. Also in slightest possibility which is not you will have all the defence with you.

The property is jointly owned by the company as well as its directors and their families.

On the basis of power of attorney deed executed in favor of one of the directors, i.e., Z, the property is developed and sold by Z.

Since Z's own property is also coming undr the joint venture, Z cannot claim any rights in it once the same is sold to different parties.

Dear Sir,

My Answers as follows:

1.-What if Z separates from company due to some internal issue and claim the same piece of land later and sends me legal notice for vacating.

Ans: The moment Z disconnected with the Company must cancel the GPA orelse it will automatically cancelled if there is such clause in the GPA.

2.-I asked them to get GPA done with company.Builder(company) told me that since JDA is registered there is no need with GPA with company name.

Ans: With big companies everything goes smooth except in rarest of rare cases. Nothing to worry.

3.- I asked them to give me Indemnity bond for any such issues in future which builder refused to give.He said this will go against their rights as they have already given possession to many so how can they be different to me.

Ans: Possession is nine points in law, if you are not in possession then get possession and stay safely.

4.- I asked for authorization letter from board of directors that Mr.Z dealings will be considered as part of company.A document was provided to me on company's letter head with signatures of all the directors.In that they have also mentioned that since 30% land of company and 70% land of the directors share same boundary so they have agreed to combine all and use for building residential projects.

Ans. Then it is fine.

5.-Now my question I have just received authorization letter and have a copy of registered JDA(Mr Z) with that shall I proceed with some percentage of risk as I do not want to drop the project.I mean if such situation comes I will be in some position to defend myself.

Ans. Yes, definitely.

6.-moving out of the project is the best option.The project is already approved by all major national banks, has OC and other approvals.Around 150 families are already staying in the project.

Ans: To be frank, in every real estate purchase there will be 8 to 25 percent risk. Go ahead if you are satisfied with the price.

Firstly get checked the Company Status that it is a active company or not,

Secondly get checked the nature of resolution pass it should be special resolution as per companies act 2013

Also chek the balance sheet of the Company thst there exist a property in the financials or not,

Then go ahead

Feel free to contact

1) if board resolution has been passed by company authorising Z to execute sale deed for sale of plot to you then you can go ahead with the deal

2) act as per legal advice of your lawyer

1. You have already asked this question earlier on the platform.

2. Please understand that a company is an artificial person. How can it sign? Therefore the company through its board of directors appoints some trusted person to act for and on behalf of the company.

3. The company does the above through a simple board resolution which is signed by the directors and seal of the company is stamped on such a resolution.

4. This is enough for the person named in the resolution to act for and on behalf of the company.

5. A separate power of attorney is not required from the company in the favour of such person.

6. If you are availing loan, then your lender bank will do the due diligence for clear title of builder.

7. Since you say that the project is approved by nationalised banks, then what is your apprehension?? I do not understand.

8. Also please bear in mind that the person authorised by a board resolution to do certain acts on behalf of the company cannot opt himself out from the acts which are done by him on the company's behalf so long as the board resolution authorising him stands. However if the company decides to revoke the authority of such a person, then it will pass necessary resolution in that behalf. Thus if Mr. Z were to do any acts without a valid board resolution authorising him to act for the company, then such acts are invalid.

9. You also have the letter on company's letter head stating that the company has authorised Mr. Z to do xyz.

10. Yes, for the other owners who are individuals, they can give a power of attorney to Z to act on their behalf.

11. I think in your case, the company must have authorised some trusted person to act on its behalf and this person alongwith the other owners who are natural persons, must have executed a power of attorney in favour of Z. If that is so then it is enough. Nothing further is required.

12. It is good to be diligent but not excessively.

1. I would not advise to invest anything in the property without properly inspecting the record in the office of the registrar. Also, if in future some dispute pops up in the business then definitely the same will cause some problem to you as well.

2. In my advise moving out of the project is the best option at this stage. However, you may also take some risk because if some dispute pops up then no one will throw you out of the property without proper compensation.

Regards

Firstly, the condition with subject to the land are quite clear.

Secondly, the new bifurcation is just on the letter head of the company including that portion also which was never been the part of the same company I.e, 30 percent.

Thirdly, just see that if they also must stop or closed the company.