I have a mortgage Home loan with NBFC for 1 Crore. I have been issued notice to serve interest, however, I could not do the same. Now, on the day of physical possession ( before they came to take possession ) i paid the full interest outstanding of 18 lacs plus extra 2 lacs. However, they confiscated the property claiming they have the court order to take possession unless i pay the entire outstanding so, I need to repay the balance 80 lacs to avoid possession which i could not. And they got a written letter from me stating I must repay the balance 80 lacs within 30 days to avoid sale of property. I have a question - Now that I have served interest, my account should be regular now. Can I file a case to take over my property?
22 February 2021
You may file appeal u/sec 17 of sarfaroshi act against the action of bank before DRT but appellate authority will stay the order of taking possession on condition of deposited 50% dur amount.
Now you have only option to contact the bank and try to convince them not to file execution proceedings immediately and try for settlement. Meanwhile, you have to file an appeal for staying the judgment.