Property under loan
1 month ago
KIADB trying to acquire the Plot I have purchased through loan from LIC HFL. I stopped to pay the EMI from last three months. How this issue will resolve.
A.Dear Client,
If the Karnataka Industrial Areas Development Board (KIADB) is attempting to acquire your plot, they are legally obligated to compensate you based on the current market value of the property. However, if you believe that the proposed acquisition is not justified or lacks valid grounds, you have the option to seek legal recourse.
One course of action is to promptly approach the High Court and file a petition seeking a stay order on the proposed acquisition. This legal maneuver can temporarily halt the acquisition process until the court has had an opportunity to review the matter and make a determination on its validity.
It's important to engage the services of a competent legal representative who specializes in property and land acquisition matters to ensure that your rights are protected and that you receive fair compensation for your property. They can advise you on the appropriate steps to take and represent your interests effectively in court proceedings.
If the Karnataka Industrial Areas Development Board (KIADB) is attempting to acquire your plot, they are legally obligated to compensate you based on the current market value of the property. However, if you believe that the proposed acquisition is not justified or lacks valid grounds, you have the option to seek legal recourse.
One course of action is to promptly approach the High Court and file a petition seeking a stay order on the proposed acquisition. This legal maneuver can temporarily halt the acquisition process until the court has had an opportunity to review the matter and make a determination on its validity.
It's important to engage the services of a competent legal representative who specializes in property and land acquisition matters to ensure that your rights are protected and that you receive fair compensation for your property. They can advise you on the appropriate steps to take and represent your interests effectively in court proceedings.
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A.Dear Client,
So far the procedure of acquisition of land by KIADB(Karnataka Industrial Area Development Authority) is concerned, Promoters are to obtain consent from the land owners/farmers before initiating the acquisition proceedings as decided by the competent authority i.e, State High-Level Clearance Committee(SHLCC)/State Level Single Window Clearance Committee (SLSWCC). A land or property mortgaged against a loan cannot be a subject matter of acquisition of land for setting up an industrial project. When you bought the land through a loan from LIC HFL mortgaging the land as a secured asset against the land, the financier got the first charge on the land in case of default in repayment of the loan by the borrower and a secured asset cannot be a subject matter of acquisition by third party. So, the promoters have to face consequences for their negligence in verifying the EC status of the land before applying for approval of their industrial project to KIADB and you being the defaulter of the loan have to face legal consequences from the lender, LIC HFL. To resolve the issue you have to repay the entire loan otherwise, the lender would take its own course of action to recover the loan by obtaining a court order for attachment of the secured assets. Reach out to an Advocate for guidance, if required to navigate the issue in the right way.
So far the procedure of acquisition of land by KIADB(Karnataka Industrial Area Development Authority) is concerned, Promoters are to obtain consent from the land owners/farmers before initiating the acquisition proceedings as decided by the competent authority i.e, State High-Level Clearance Committee(SHLCC)/State Level Single Window Clearance Committee (SLSWCC). A land or property mortgaged against a loan cannot be a subject matter of acquisition of land for setting up an industrial project. When you bought the land through a loan from LIC HFL mortgaging the land as a secured asset against the land, the financier got the first charge on the land in case of default in repayment of the loan by the borrower and a secured asset cannot be a subject matter of acquisition by third party. So, the promoters have to face consequences for their negligence in verifying the EC status of the land before applying for approval of their industrial project to KIADB and you being the defaulter of the loan have to face legal consequences from the lender, LIC HFL. To resolve the issue you have to repay the entire loan otherwise, the lender would take its own course of action to recover the loan by obtaining a court order for attachment of the secured assets. Reach out to an Advocate for guidance, if required to navigate the issue in the right way.
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A.Dear Sir,
If KIADB trying to acquire your plot it is bound to pay the compensation on the present market value. Alternatively you may rush to High Court and get a stay order on such proposed acquisition if such proposal is not on valid grounds.
If KIADB trying to acquire your plot it is bound to pay the compensation on the present market value. Alternatively you may rush to High Court and get a stay order on such proposed acquisition if such proposal is not on valid grounds.
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