Reply will be similar. To put it in perspective, banks have power to enforce mortgage without intervention of court. They can do so by first giving notice under 13 (2) of Sarfaesi giving borrower an opportunity to repay or give satisfactory representation / submission. In case of failure of borrower, bank can proceed with taking over possession ( procedure is prescribed).
Borrower needs to approach bank for settlement AND also issue suitable reply to notice. Mere oral assurances of the bank should not be taken at face value. If bank is convinced, it can grant you more time. While reply to notice does not mean bank will accept that, it would help you if you decide to contest bank's action in DRT.