Validity of sarfaesi act without title deed
My wife had availed a flat from a co-operative housing society in Tamilnadu. The Society had availed a loan or Rs.25 Crore for construction of flats by mortgage their entire land and property to Tamilnadu Co-operative Housing Federation and submortgaged to HUDCO. Simultaneously the account become NPA, But the society has sold 240 flats to individuals, my wife is one among the allottee. The said society person with personal influence he convinced one Manager of State Bank of India and arranged loan for individuals. Allottees are not having any title, property is still in mortgage. Allottees efforts to get title becomes vain. Many allottees stop paying loan emi's . In this case please advice what is the effect of SARFAESI Act WITHOUT TITLE AND EXISTING MORTGAGE OF SOCIETY IS CONTINUING AND CURRENT DUES ARE ABOUT Rs.72 Crores. Please explain me the legal validity of SARFAESI ACT WITHOUT TITLE.
The society has given only allottment letter and sale agreement at the time of receiving advance.