We have taken a Mortgage Loan on our property and the account became NPA in 2007. The bank was a UCB and had its banking license cancelled in 2009 by the RBI. They have filed a case for repayment in the cooperative court and its been going since 5 years.
Last year, the Cooperative department of Maharashtra has appointed a liquidator for these banks and now they have given us a 60 days notice under section 13/2 of the securitisation act for transfer of possesion of the property.
We have asked for a stay order on the notice in the cooperative court, since the case is still going on. The actual value of the property is approx 3 times the outstanding amount. What could be a way to hold on the securitisation notice and allow use to sell the property and repay the loan?
