Remedy is to never jump into litigation.
As per the postal act, telegraph act etc 'sent by post' is enough.
Publishing in newspapers is a procedural step that can be implemented either before or after symbolic possession.
First remedy is to reply to any notice.
The bank / financial institution has to respond to your reply/notice within one week.
They do all tricks of sending a communication to you just two days before the 60 day period ends.
Till such a time, they lure you with one time settlement etc
When a collateral is provided to the bank, what one time settlement ???
So be careful of their tricks.
Any legal practitioner would know the term BANKER's MISCHIEF when you refer to sarfaesi.
They try all tactics to make you GO FAST into LITIGATION and fall from the cliff.
Once they have pushed you into litigation, the possession, selling to a property management consultant, your entire debt,...etc
is very easy for the bankers. They are excellent in the art of defaming you and once the newspapers,..etc have your information
in addition to their notice board etc carrying the same information, getting a loan elsewhere is extremely difficult in INDIA.
The MISCHIEVOUS BANKERS know how to spoil your sleep and peace of mind.
RBI has categorized will-ful defaulters etc listing certain observations.
Read that and you can see whether you fall under that category.
Hundreds of Advocates can guarantee you that they will get you a stay etc.
But finally remember that it is you who either suffers or remains peaceful. Your advocate has nothing to lose.
Either way if you have been paying regularly, then you might only have a loan account which is a TECHNICAL NPA and NOT a LIVE NPA ( ACTUAL NPA ).
By paying regularly, YOUR INTENTION to repay is proven and that is a huge point in your favour legally.
BEST METHOD IS TO PAY THE AMOUNT THAT WOULD BRING YOUR LOAN ACCOUNT BACK TO REGULAR STATUS.
As soon as you do this, GET THE ' LETTER OF REGULARIZATION ' which should clearly say that your loan account is STANDARD as on date when you have paid the balance amount and got it back to regular.
Now when you decide to move to some other bank, these bankers would start again.
There is a CR ( confidential report ) that is COMPULSORILY to be filled and issued as per the IBA ( Indian Banks Association ) guidelines, by the bank where you have a loan.
In that CR, if your bank manager fills the column asking about account status as STANDARD or NON-STANDARD or SUB-STANDARD, then no bank will give you a loan. This CR is confidential and sent by registered post directly to the new bank where you have applied for a loan.
Some mischievous criminal bankers go to the extent of making a phone call to the other bank and defaming you.
By the time you fight out all these, you are so tired that you feel LIFE IS LOST.
This is where your SOUL STRENGTH comes into picture.
first get the loan account back to regular and standard by paying the difference amount and insist on the letter from the bank as mentioned above.
Many advocates would not tell you these points since they themselves do not know.
Bankers have many tricks up their sleeve that even advocates would have to learn from them.
But if you spend time in a law firm or in the courts, you get to see so many cases and learn a lot.
Speak to retired bankers, retired police officers, retired govt.employees etc and you get a wealth of information which no book can teach you.
Read the MASTER CIRCULARS of RBI and you get to learn a lot.