Supreme Court reprieve for borrowers in loan moratorium case
The Supreme Court ordered that all accounts not performing in assets until 31 August not be considered incorrect not before further orders, after hundreds of borrowers faced the default date for default payments long before COVID 19 reached the bank.
The Apex Court asked RBI to decide whether banks’ discretion to give borrowers relief or not. The Apex Court heard several petitions from citizens, real estate, and hotel companies who requested an exemption from interest dues. The Supreme Court has been called upon by Senior Advisors Kapil Sibal and Rajiv Dutta to guide the RBI and the central government to cancel interest on repayments of loans in the timeframe for the moratorium.
The bank regulator ordered banks to grant a moratorium on the payment of interest duties for three months until May to ease the economic blow caused by the pandemic. Moreover, it extended later on to 31 August.
A person who gets the title of property by holding it for 12-yrs can seek legal recourse if ousted: Supreme Court
The doctrine of adverse possession allows a person who is not the original owner to become the owner unless the actual owner has not sought any legal action to oust him of the property for a period of at least 12 years.
If a person does not own the title (original owner) but is entitled to re-claim ownership by statute under the Doctrine of the Adverse Ownership in the event he is dispossessed by others. A person in possession cannot be removed from the property of a person except in due course and after the duration of 12 years of adverse possession is expired the owner is not even permitted to evict him or her. on the other hand, the owner of the possession shall obtain the rights, title, and interest retained in the case against which he prescribed, by the outgoing person/owner.
The decision also stated that the “complainant’s use as a sword and the shield of the defendant within the scope of Article 65 of the Limitation Act (the law which governs the preservation of law in compliance with a time limit) and of any person having made an adverse title, may file a lawsuit for restoration, if the right, the title or the interest is acquired.
Furthermore, it held that the same cannot be done with land or property intended for use by the public when such property is infringed and then a plea to the public is raised.
‘In such circumstances, it is essential that rights not be given on property that is reserved for public utility. The law of adverse possession can have serious consequences. People therefore are compelled to observe that it is prudent to make it clear in its prescription that no rights may be enforced by adverse possession concerning such lands that are for a public cause.’
Property disputes: Family settlement better option than approaching a court
In India, property disputes are common. Since greed is a big leveler, struggles over wealth range from low-income households to rich families.
There are several legal formalities to complete to make sure the agreement is legitimate, and it is not enough to simply achieve consensus. Firstly, all concerned family members must sign the settlement agreement.
A missing signature can easily lead to a later challenge to the paper. “The document should also be approved by two witnesses as a safety precaution, although it is not obligatory.”
The next move is to register the contract or agreement. In compliance with Section 17 of the Indian Registration Act, a family settlement claiming the assignment of immovable property should be registered. There is a stamping charge for such actions that depend on the value of the property.
Although a properly performed family settlement will not be reversed, it can be challenged in court or through a court order. A settlement formed by fraud or coercion is an acceptable case. Any misrepresentation of the facts concerning the title of the property in question could also contribute to potential disturbances. “The unsuitable execution is another common ground which is questioned.
How to resolve a property dispute in the family
In India, real estate disputes are common. The most obvious solution is to have the matter before the courts rather than to resolve it. However, most people do not know that courts do not in any way guarantee a satisfactory resolution apart from being a slow and costly process. Therefore, family settlement should be selected.
A settlement among family members or legal heirs is an agreement in which family members work together to divide property. All parties should be associated and be entitled to a share of the disputed land.