[Resolved]  Ganpatey Developers / State Bank of India — Housing complex Fraud by builder and SBI

Hi

I am a resident of Thane district, Mumbai, India.
My parents have booked a flat 4 years ago in one of the projects by Ganpatey Developers in Thane(W). The developer involves 4 partners. One of them is MD of India Lead Ltd. Company.
The land on which the project was built belonged to this company. The company had taken a load from State Bank of India against this land for its normal operations at other factory locations. This loan with all interest now amounts to 120 Crore.
2 years ago SBI suddenly stopped all the construction work (70% complete) claiming the land (which is no way 120 crore worth).

The builder was supposed to have a joint account with SBI (escrow account) where all the earnings from the property sell were supposed to be deposited. Due to corruption within the bank and high influence the builder avoided this and took up all the money. He achieved the title clearance also.

The buyers have procurred loans from leading instutes like LIC housing Finance being assured that they check the title before the loan is disbursed.

The builder has backed of from the project and is willing to give away the property to bank. The bank has many options to seal and sell the Other privately owned locations of India Lead Ltd Company and its MD. But it is not willing to do so.

We have filled a case in consumer court against the builder and SBI. The SBI has stated that the buyers are not it's consumers and hence it is not the party to the case and has got relief from the state consumer court (we had won the case at district level. We also doubt our lawyer for the loss as he did not speak a word in against SBI in the court).
Now it wants to sell the land w/o our share. The court also seems to agree to this. We have no were to go. Where can one complain against the court. The case is also in the Debt Recovery tribunal. The builder is enjoying his money and the SBI will get it's from the sell of the property. What about us??

Please guide us.

Regards
Varun Dand