My father availed home loan of Eight lakhs on Aug 2010 from Union bank of India .Till now we paid Rs. 2,79,000 still we having an loan Outstanding ofRs.9,02,000 and overdue amount of Rs. 1,65,000 . Our loan account skipped inNPA category on November 2013 .During the month of March 2014 I made a payment of One lakhs to my loan account and give a letter that requesting bank officials to regularize my loan account and stop the legal proceedings to sale my home through SARFAESI Act. Still I didn't received any reply from the bank end. In this meantime bank served SARFAESI act 13(2) possession notice on June 2014 .After the expiry of demand notice bank served 13(2) notice to take possession my asset on 8-10-2014 in this notice they mentioned the date and time of the surrender possession of my asset .Already we explained brief about our current financial situation to bank branch manager But there are not willing to grant time for remitting the overdue amount.
What should i do now ?? kindly reply to my below queries..
(1) Shall i request the bank to reschedule the loan account (ie) increase the loan tenture
(2) Wait for the 13(4) sarfaesi act physical possession notice challenge the same on High Court (or) in DRT
(3) If i challenge the 13(4) physical possession notice on DRT means how much amount i should deposit to get a stay for stop the sale process .
Now,I am not in a position to remit my full overdue amount. But i am ready to remit Rs.50000 and give post-dated cheques for my next six months EMI's and They replied me back on 17-10-2014 .But obviously my offer is not favoured by bank and they asked me to remit full dues immediately falling which bank can proceed with Sarfaesi Act without any letup . Please give me your valuable advice . Thanks in advance ! Advocates who are practicing in Debt. Recovery Tribunal Madurai and Madras High court madurai bench means please contact me through personal message
