Purchased Land In Ghaziabad but Seller is Not Responding

5 months ago

I have purchased a land with someone and executed registered agreement with him.

That land is mortgage as a guarantee for other family loan of the seller with Indian Overseas Bank.
The bank was supposed to release the property documents under One time settlement scheme and the seller was supposed to give that to us after releasing the money to the bank.

He took half of the deal amount money from us. It’s been now more than 2 years we are following up with the seller but they mostly never pick or call or respond to us. When we do heavy follow up then he ask his staff to talk to us.
Every time we get the information that it’s in process with the bank and bank has not released the papers so how Can I give it to you. Now 3 months back, bank has passed a circular that they will release the property against some amount which need to pay by Seller.

Out of the total deal amount we have given almost half of the amount to the seller at the initial time.
Let’s assume deal amount was for 3 crore and we have already paid 1 cr now balance we need to pay is 2cr to the seller.
On the other hand Bank is asking for 3cr to release the paper.
Now the seller is saying us to give 3cr to him and we are supposed to give 2 cr only.

We told him we don’t have that money, either give the property to us or refund the money but he is saying he don’t have the money to return but actually he have but his intention is not to give. He is a businessman and owns a good company.

What we should do now?
If i will file a case against him then it might take lot of time in the civil cases and if post judgement the seller returns the money then that money will be of no use as the value will go down post 4-5 years