I understand that the Bankers should initiate the symbolic possession first by giving a period of 45 days and later, they will take physical possession u/s 13(4) if the borrower does not take any action on these 45 days time.
Is that been possible for a banker or lender to take any action u/s 13(4) without serving a symbolic possession notice? The bank has sent only a letter mentioning that they would enact sec.13 (4) if the amount is not paid on the said time but never sent any symbolic or physical possession notices. So, the letter itself to be treated as Notice or is there any specific format / procedure to issue notices. If so, what would be the format/procedure for a symbolic possession notice? Will the banker must affix the symbolic possession notice on the mortgaged property and publish in the dailies? Or, will they send only a letter to the borrower?
And, Pls let me know are the bankers are liable to get the interest amount from the borrower once the account is declared as NPA or the account to be freeze from that time the account was declared as NPA?
Also, if the borrowers approaching the DRT after symbolic possession, are the borrowers liable to pay their interest amount along with the current outstanding to banker? Or, will the borrower have to pay only the outstanding amount (principal cum interest amount) calculated before filing u/s 13(4)? And, where the borrowers have to pay the outstanding amt, whether in the bank or in the court, directly? Also, how long will be duration that the borrower gets from DRT or Court to pay the outstanding amount? Pls advise..!