You need to file Complaint against builder in rera or Consumer court. You can also file FIR against him. You need to reply the bank with present scenario 

1) liability to pay bank is joint and several 

2) both you and builder are jointly and severally liable to repay the bank loan 

3) bank can seek to auction the flats for recovery of its dues 

4) for recovery of balance amounts bank can sue you and builder to recover its money 

5)bank can in addition file case under section 138 NI on a count of dishonour of cheque’s 

6) it is punishable with imprisonment for up to 2 years and fine 

Filing a Rera complaint may be dicey as you dont have registered agreement and also Rera is not made for protection of investors

Similarly a consumer case may not help as court may term you an investor

You have an option of filing a complaint with NCLT under Indian Bankruptcy Code as a secured creditor

Is this project even registered under Rera?

As you have MOU with builder stating stipulated date of handover of possession and also triparty agreement with bank and builder, these two documents may be used in lieu of a registered agreement for sale, to file complaint against builder with Rera tribunal. At the highest your complaint will not be allowed. But its worth taking a try. You can claim all amounts so far paid to builder including any taxes with interest and compensation 

I would have to research further if there is any order which has given relief to an allottee/buyer of more than one flat under Rera

You also have the option to file a civil suit in High Court if the market value of property invested in, is more than 1cr. You can take out an interim application in that suit and obtain interim reliefs against builder and bank

As to the 138 complaint threatened by bank, i think the payment under the EMI cheques given to you by builder, is that of the builder under the triparty agreement and thus you are not liable for those payments. The bank cannot invoke security cheques against you. Till possession is given to you, it is principally the liability of builder to make the EMI payment to the bank. Your liability would commence on and after possession 

Sir for a clear view those agreement between bank you and builder need to pursued at what were terms and condition of loan.

File a civil suit against the builder for performance of the agreement and if he fails to.recover the investment and emi for the bank make bank party to the suit.

Further see if there is agreement of builder paying and bank has agreed same then they cannot proceed against you in 138 NI act.

1. As per the information mentioned in the present query, make sit clear that the flats were purchased by your father in your behalf using your name and account.
2. Now, Sir, as per the agreement between the builder and You is totally separate, bank doesn’t have to do anything with respect to the terms and conditions of the same as it only creates liability for you both for each other.
3. But, the agreement which is the tripartite agreement may come to save you depending upon the terms and conditions of that agreement.
4. Here, you only can’t be said to be held liable for amount as I believe that builder is also liable to certain extent.

Hello,

File a case against the builder before the MAHARERA at the earliest. 

Do not make further payment, the loan has been given against the said property only. In case of non payment of the loan bank has the right to take possession of the same. 

Regards 

Hello,

Before the bank take action file a case in the consumer forum .

Regards.

1) If Bank is threatening you then you can send notice to bank according to MOU and tripartite agreement clauses that builder need to pay EMI and if construction not completed within 2 years  to pay you 24% interest per year.

2) Bring in notice to bank that in Tripartite agreement Bank has also sign and accepted the clauses mentioned in it.

3) If you want I can review both the document for you.

You first of all issue a notice to the bank to stop payment of the cheques issued to bank for security purposes.

You can send a legal notice to the builder about this and inform your decision to cancel the booking due to the reasons and events that took place so far. Since this is a subvention scheme and also as per the tripartite agreement, the builder who receives the payment directly from the bank has to repay the same as per the conditions of the agreement, hence you may instruct the builder to repay the loan amount directly to the bank. You can endorse a copy of this legal notice to the bank which has sanctioned the loan on the basis of the said tripartite agreement.

This step may protect your interests, hence you act immediately before the bank/financial institute lodges your cheque to the bank for collection.