Land owner and developer is the same single person ( there are not different person) , since the land was legally registered under landowner name (no G.P.A) and plotted after D.C conversion in 2007-08.
In the above circumstances, it can be construed that the landowner/developer has intentionally defrauded the bank by offering the non-existent land as security, a criminal case for cheating and fraud can be lodged against him by the bank.
The plots were sold to people from year 2009 and bank has also provided loan to the plots. All plots were officially registered and also the E.C also states their name as the legal owner. 80% of plots were sold before mortgaging.
Whether or not, the landed property wa converted into plotted property by obtaining permission from the competent authority therefore once the landed property has been converted the status of landed property (2 acres) becomes non-existent, more so, when the plots have been sold by registered document.
After the document was mortgaged to bank as collateral security by the land owner in year 2012 to industrialist as 2.5 acre DC converted land. Around 20% of the remaining plots were registered to the plot owner. Secondly some resale of the plotted property also happened were as the first registration happened in 2009.
under the given situation the landowner can offer only the property lying on his name and not the ones sold out.
The Notice was received under SERFASI Act.
To whom this notice was issued? individuals or to the landowner?
It seems to me that bank officials along with industrialist were involved in the fraud and loan has been sanctioned by pledging the document.
It cannot happen without the knowledge of the bank officials, so the bank will also be held liable for not taking legal opinion.
Does the bank still have any rights, Can you please guide will I be able to win the case.
The bank has no rights to claim the property which was not existing because at the time of offering the same as collateral security the properties were sold to different people. The documentary evidences in your possession will be very good support to win the case.