Land involved in insolvency
1 year ago
Dear sir, I purchased a land in 2016, registered, and built a house in that plot. In 2018 I came to know that, (Official receiver given us a notice) this property was under consideration of the court and part of an insolvency case. Seller is actually a close relative of the insolvent, and to exclude this property he sold it, however there is a proper sale agreement and to prove the consideration, cheque copy and bank statement preserved. My question is that, as an innocent buyer, what are the remedies available to me ?. In which court I could file a case against this seller, who knowingly sold land to me ?. Currently case is in District court, appeal stage, and If we fail, what court will do to protect me.
One possible remedy is to file a case against the seller for fraudulent misrepresentation. You may be able to argue that the seller intentionally or recklessly misrepresented the property as being free and clear of any encumbrances, when in fact it was subject to an insolvency case. You may also be able to argue that the seller concealed or failed to disclose material information about the property.
To pursue this remedy, you would need to file a civil lawsuit against the seller in the appropriate court. The specific court will depend on the jurisdiction where the property is located, as well as the amount of damages you are seeking. A local attorney can advise you on the specific court where you should file your case.
If you are successful in proving your case, you may be able to recover damages from the seller, including the purchase price of the property, any costs associated with the sale, and any other damages you may have suffered as a result of the seller's misrepresentation or failure to disclose.
However, it's important to note that legal proceedings can be time-consuming and costly. It's also possible that you may not be able to recover all of your losses, especially if the seller is insolvent or unable to pay the damages awarded.
If the case is currently in the appeal stage, it's important to consult with a local attorney to determine the best course of action. The court may be able to offer some protection to you as a buyer, but the exact remedies will depend on the laws and procedures of your jurisdiction.
Thank You
Sujay V
Replied 1 year ago
Thanks a ton... Great help and appreciated..!!
U may get issue a legal notice to reimburse sale price as the seller has not disclosed the clear title of the property.
Sujay V
Replied 1 year ago
Thank you sir..
Under the Provincial Insolvency Act 1920
Repayment of loans and credit cards
Multiple unsecured loan defaults
Unfreeze
For bank loan
