Fraud by builder of cancellation/ reconveyance after 4.5 years
I had purchased a Flat withvUDS registration on 10-07-2009 in Chennai for Rs.54.35 Lakhs The property was purchased upon loan from LICHFL which sanctioned Loan of 41.25 lakhs based on a tripartite agreement wherein the builder agreed that he had been in receipt of Rs.13.22 Lakhs margin money.Apart from this I had paid a booking advancecofcRs.50k on 26-03-2009 at the time of booking.
It is pertinent to say that from 20-10-2008 to 21-03-2011,I had been an employee of the builder in a GM-Projects position.The builder had recorded the margin money had been paid to him from concession to employees and special pay accepted to my cadre.At the end of my committed term of 2 to 2.5 years ,from outvofcthe specialvpayvagreed,the cost of the flat would have been covered with some EMIs paid from my monthly salary.At the time of registration of sale deed On 10-07-2009,the company had been a public limited company with closely held shares.After that the company had been changed to a private limited company.
On 24-10-2013,after I had left the company with proper no dues certificate and relieving documentation by 23-11-2011,a legal notice was served on me stating that the allotmentvofvthe Flat has been cancelled and a case was filed by the builder thatvI have to return the margin money of Rs.13.22 Lakhs with interest till the time of notice quoting agreement for sale.Meanwhile since some of EMIs had been delayed totalling more than 3EMIs ,LICHFL the banker started sending me SARFAESI possession notices as per their norms.As the builder who had good resources and political clout quoted financial problems owing to RealvEsratecsliw down in Chennai,imagine an employee's position in thecsame realbestate field then.I had by then paidcRs.19 Lakhs asctotal EMI payments to LICHFL.
To resolve the issue ,there was a deed of compromise dt:26-03-2014 entered into with the builder to cancel and sell the flat back to the builder for Rs.42 Lakhs LICHFL's due at that time plus 5.69 lakhs.This compromise deed was presented in the Madras Highvcourt in order to quash the case.On 27-03-2014,the LICHFL's due of Rs.42 Lakhs had been recorded as my disbursementcto LICHFL and the balance DD of Rs.5.69 Lakhs was handed over to me.I had already recorded that Thecbuildercowed me thecsum of Rs.55lakhs towardscmy specialvpay agreed incentives as per company norms,both with the builder andcLICHFL's records with due acknowledgements from both.The possession was not handed over with all the 4 jey sets.Only onecsetvof keys were handed over by builder.(On 22-08-2013,the builder had entered andchadcchangedcthe lock and keys.)On 27-03-2014,the cancellation of sale deed and resale deed was executed through the POA holder of the builder.As there was a compromise deed dt:26-03-2015,I had been coerced to sign the cancellation.There arectwo records now.One,the LICHFL records show that my dues from the builder had been settled.According to High Court there was a compromise deed andccasecwascquashed.According to Registrar office the payments received by me were records of sale consideration.But the Compromise deed was not shown to registrar and novreference of court proceedings were mentioned to registrar.
There is an anamoly .Though I escaped SARFAESI action,and as per tripartite agreement and original sale deed the property has been recorded as mine and I have lost Rs.25*Lakhs byvEMIs paidcandcinterest on the same,but to finally cancellation.
What does law say to recover.
Would be obliged if you guide me to the right course ofcaction. To
Recover the property.
Thanks and regards,