Legal Question in Civil Litigation in India

I have a joint property with three other partners, which had been given to a promoter to develop in 35-65 ratios in our favour. We made an agreement with that promoter which is not registered. We gave him a power of attorney with sale right without mentioning that he may sale the part of his own ratio. That power of attorney is also not registered, it is a Notarial Certificate. On the agreement, it is clearly mentioned that the promoter cannot sale the 2nd floor of the building.
On 1st day of May 2003, promoter given me a possession letter on a plain paper mentioning the flat with covered area. However, recently one bank came and put a notice of possession u/s 13(4), Rule (1) of the Sarfaesi Act on absence of us. I met with manager of the concerned bank and came to know that the flat is registered with the name of that promoter�s wife and she took a loan against it, which is not repaid. I charged my promoter and he accepted the fact and on a Non Judicial Stamp paper of RS. 10 of recent date he declared that on 1st day of May,2003 he delivered the possession to me as Land Lady and I accepted that as per the development agreement between him and us (as I mentioned before).
On time of conversation with bank manager, I came to know that the registry had been done on July 2003 in favour of his wife. The flat is under renovation. Now my question is:
1) Is it possible that bank can sale the flat?
2) Is the registry legal as he gave possession to me and sold it to other later?
3) Have I any merit in this case?
Please help me giving the judgment about my question and further course of action though I took a decision to move the case to High Court. It will be helpful to me if you can give any law point which will strengthen my case.

Asked on 7/29/12, 5:47 am

Aniruddha Pawse Aniruddha.P.Pawse Advocates

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Answered on 8/04/12, 5:57 am

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