Symbolic possession meaning?


One of my relative has been trapped in heavy overdue mortgaged loan availed from NBFC against residential house. The financier has lodged the Execution petition Special since April 2017. Till date on every date the Session Court adjourned and seems that case has not taken on board. Now, surprisingly the NBFC has asked the borrower to deposit the keys of mortgaged residential house stating that court has ordered to take symbolic possession. I have confusion that, the ecourt site case status is showing the next date 01.09.18 for "show cause notice to judgement debtor", how can court issue order to take symbolic possession of property. What actual meaning of "Symbolic Possession" means?
 
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Dear querist,

If the case has landed to session court then no need to follow instruction from NBFC, when required court will separately order you.

Possession of the Property: Under the SARFAESI act, at the time of the auction, the bank has either symbolic possession or physical possession of the property. In layman terms, symbolic possession means a bank or financial institution does not have the key of the property.

 

Thanks and Regards

Deepak Joshi & Associates

Djaa.legal@gmail.com

Mb/whatsapp +919456777600

 
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1. Who can order for possession of mortgaged property, under SARFASEI Act? 2. How the current valuation of property is fixed at the time of possession/auction? 3. Is there any liability left on borrower, if the total overdues (with interest) is not recovered from auctioned amount?
 
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