Symbolic possession

SRIRAM (Querist) 04 November 2015 This query is : Resolved
Dear Sir,
My Company is a pvt ltd. I would like to know that, my account has been NPA and Bank served (safes Notice ) and time period has been lapased. Now Bank have taken symbolic posession of our factory. We need atleast 90 days to sell out our property and pay the dues to the bank. Now they have informed us they take physical posession of the factory. Kindly guide me how make them hold for 90 days for physical posession.

Kindly please guide me

Best regards..S.Ram.

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Parthasarathi Loganathan (Expert) 04 November 2015
You may write to the Bank about your clear intention to settle the dues out of the sale proceeds of the mortgaged property. Take their acceptance and acknowledgement and request for deferment of action under SARFAESI Act.