Now that you are aware of the basics of a tripartite agreement, it would be very easy to make the right choice. 3. The respondent bank, which was confronted with the defaulting position of the account, declared the same thing as an ANPA and decided to act against the assets guaranteed under the Securitization and Reconstruction of Financial Assets and The Implementation of security Interests 2002 (hereafter referred to as the SARFAESI Act), section 13, paragraph 2, of the SARFAESI Act of 10.2.2006. There were even subsequent communications, including to the guarantors, one of whom was, by chance, a joint secretary of the department concerned. The surety also wrote a letter to the criminal unit asking it to take appropriate action against the petitioner so that it would not return the initial declaration of transmission to the respondents` bank, in accordance with the conditions of sanction and also under the tripartite agreement (TPA) between the petitioner, the respondent bank and the DDA. The petitioner, after being appealed, lodged an appeal under Section 17 of the SARFAESI Act, namely SA No. 22/2006. The parties had the opportunity to direct evidence and this SA was rejected by a fee decision of 13.9.2007. The tripartite contracts extend the will to purchase the construction on the developer`s buyer. The main lender pays the sanctioned loans on the basis of the construction phases and assumes full responsibility for the loan at the end of construction. 1. The petitioner, who was private secretary to the Ministry of Finance, filed an application for 23.12.2003 at the request of a long-term loan from the respondent bank for the amount of `13,41,000.00 for the purchase of apartment 39-C, second floor Pocket-I, Rohini, Delhi- 110085. The loan was sanctioned and the petitioner executed several documents, including the 11.2.2004 housing loan agreement, which the petitioner was required to pay monthly payments of 11,950.00 in 216 monthly installments.
The petitioner also executed a letter of authorization on the right date in which he authorized the respondent to deduct the sum of the monthly payments from his bank account. This agreement is intended to facilitate the obtaining of loans to buyers for the acquisition of real estate wherever they provide. Since ownership of the property is transferred to the purchaser at the time of possession, the owner is involved in the drafting of the contract. The model of the third-party agreement is very clear on the properties that need to be signed. It`s just a matter of finding the right time to create it with all the necessary information. 4. In accordance with the tripartite agreement, the loan was paid by Sandeep Kumar in the form of monthly payments (EMI) or pre-equipment (PEMI), regardless of the stage of construction of the project and the date of the return of ownership of the dwelling. In addition, as part of the tripartite agreement, Sandeep Kuamr agreed to secure HDFC Ltd. by launching the accommodation, and M/s Golf Course accepted and confirmed the mortgage created by Sandeep Kumar. M/s Golf Course also committed not to create third-party security rights or interests on the accommodation without the prior written consent of HDFC Ltd.
In accordance with the tripartite agreement, it was also agreed that in the event of default to HDFC Ltd by Sandeep Kumar, any amount to be paid by M/s Golf Course to Sandeep Kumar due to the cancellation of the apartment would be paid directly to M/Golf Course by M/S Golf Course.