Legal Question in Civil Rights Law in India

Sir, I appreciate your answer about Joint flat owners Husband being Guarantor liable for attachment for recovery of loan taken by third person the Borrower.

My query was:

1) since requested for transfer, whether Society can transfer flat in her name on basis of Regd. Gif Deed executed 1/2 years before he stood Guarantee for third party loan?

2) Bank/ Recovery Office has asked to create lien on flat since they are attaching. Society has to reply both Flat owner (Wife) &, Bank/Recovery Office. pl. advice briefly.

Patel


Asked on 4/27/14, 6:38 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.04.2014

Dear Patel,

1). If all the documentation was in order, the Society ought to have transferred the flat as soon as the Gift Deed, Indemnity Bond and other transfer papers were lodged by the concerned member especially since the Gift Deed was done well prior to the member standing as a Guarantor for a loan. You should take the Society to task for its failure to transfer the title of the flat.

2). In view of the Society's lapse, the flat still stands in the name of the member and the Bank is entitled to attach it for recovery of its dues.

The member's wife should write to the Secretary of the Society with a copy to the concerned Recovery Officer that since the title of the flat is deemed to vest in her name and that the same cannot be legally attached by the Bank in view of recovery proceedings that must be initiated against the original borrower and the Bank should legally attach all the original borrower;s assets and property towards outstanding loan dues recovery..

Regards,

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Answered on 4/27/14, 6:59 am


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