Dear Vinodh- 1) Symbolic possession is nothing but affixture of the notice on the mortgaged property stating that the property has been possessed.
2) Within 7 days of the possession, paper publication shall be made in 2 dailies out of which 1 should be in vernacular langauage and the possession intimation should be served on the borrower.
3) As per the act, there is no necessity to serve a notice of symbolic possession to the borrower before symbolic possession.
4) But certain High Courts have have stipulated that before taking the physical possession, the property should have been possessed symbolically. The recent one is the Judgement given by the Madras High Court.
5) For taking symbolic possession, the only necessary thing is that the borrower should have been served with the 13(2) notice and 60 days time should have been lapsed from then.
6) Yes, the borrower has to pay the interest, even if the amount is frozen in 13(2) Notice, but not the agreed rate of interest in your loan agreement. (I'm not sure about the rate of interest what you have to pay. I think it is 12% per annum)
7) Even if the borrower approaches the DRT, he is liable to pay the interest to the banker. The DRT will direct the borrower to pay the amount in the bank. There is no provision for granting time for making payment, since, the loan account has been recalled and you were given a period of 60 days to make the full payment. Granting time for payment is only a discretion of the DRT. For initiating the recovery proceedings 3 years time limit is prescribed.Yes,the person can approach court to get delay the possession in case promise to pay the loan, show the cause for not being able to pay to the court, after which you can file for injuction of the suit. File an appeal before DRT against the bank and attach all the documents regarding deposit the payment.
Rutumbhara www.lawkonect.com 09555 507 507