I own a shopping complex let out to some shops and other govt organisations. I have availed a loan from a nationalised bank. On 4.3.2017 Sub collector, have closed and sealed two shops in my shopping complex (mortgaged property). My loan accounts became NPA due to non payment of EMI. In this scenario, bank have issued SARFAESI notice u/s 13(2) on 2.4.2017.
My query :
- Does bank authorised creditor have legal rights to take symbolic possession of the mortgaged property ?