The DRT has stayed the sale. Now again file an application sttaing that the valuation of the property is wrong and state the correct valuation in the light of circle rates.

Yea they charge interest unless stayed by the DRT.

if the DRT doesn't give you relief then go higher up to DRAT.

If they don't adhere to your request then you need to approach Court for revaluation

1. Approach DRT seeking revaluation with proof of market value obtained from Sub-Registrar office from recently executed sale deeds, ready reckoner and Annual Statement Rate value fixed every year under Stamp Act. OTS settlement are permitted under schemes announced from time to time by RBI. Unrealistic valuation will deter bidders in auction.
2. Application of  interest  will not even the matter is pending in DRT or any other Court.
3. Without taking litigation rout settle the matter through negotiation.

Obtain order from DRT to direct bank to obtain fresh valuation of property 

OTS is best option 

bank will not settle for amount lower than value of collateral security 

1. What prejudice is caused to you if the bank has valued your property for 350 lacs and not 150 lacs? Isn't 350 lacs greater than 150 lacs? Borrower would be justified in complaining if the bank had valued the property for 150 lacs when it's real value is 350 lacs? Is there a typo in your query ? 

2. Interest will be continued to be charged till entire outstanding is paid. However interest will be charged only on the due and payable amount. 

3. Pay the full dues of the bank! 

Not here for your ratings! 

1.  Since you have approached DRT in this regard, you may have to file a petition before the tribunal for the reasons you rely upon seeking the desired relief..

2. There is no bar on banks to charge interest just because you have approached DRT in this connection.

Until there is no order by DRT restricting the bank from levying interest on the outstanding amount the banks will proceed as per their rules and procedures.

3. You may await the orders or disposal of the case by  DRT

1. You may file a petition in the DRT for asking the bank to do a revaluation by a neutral party (a qualified, government-approved civil engineer).

2. Yes, banks can legally do so.

3. Keep negotiating with the bank and convince them for a revaluation based on the merits of your case.

Dear Client,

                   Revaluations are realistic, in accordance with Indian Accounting Standards.Valuations are obtained, from two independent valuers, at least once in every 3 years; where the value of the property has been substantially impaired by any event, these are to be immediately revalued and appropriately factored into capital adequacy computations.Kindly approach the valuer for revaluation of the property and if he denies then kindly approach the manager, chief manager or regional manager whoever is the senior authority with this grievance.The valuer typically should not deny to do revaluation since everytime they do valuation they receive remuneration and so more valuations means more remuneration.

Thanks & Regards

If value of property is Rs 1.50 cr then bank would not be able to recover 3.50 cr 

2) get valuation report from govt approved valuer that value of property is 1.50 cr and submit revised OTS enclosing valuation report 

You have already approached a lawyer,  if you feel that his guidance and actions seem to be proper to the current situation or crisis and if you are convinced about it,  you may better follow the same route. 

75% of the value of the property towards OTS can in no circumstance exceed the actual outstanding dues of the bank ! 

And if 75% of the value of the property comes to a figure which is less than the actual outstanding loan then you still would be liable to pay the shortfall 

Not here for your ratings 

Whatever may be the policy of the bank for ots 

But it is just inconceivable that under the pretext of its OTS policy it is entitled to accept 75% value of the property (which value according to you is much higher than the actual market value of the property) which comes to a figure which is greater than the total outstanding dues 

That cannot then be termed as a OTS but an unjust enrichment 

The fact that you are highly educated and ambitious and things were not in your control are not factors which the court will consider if you approach the drt for a stay against the sale 

When there is law and equity the court will apply the law. Equity is not relevant then 

If there is a default and loan is unpaid then the only result will be enforcement of the security interest by selling it in a public auction to recover the dues of the bank 

If you pay the bank's dues in full it will not sell your property 

If you dont then the sale will happen come what may unless you can show that in conducting the sale the statutory provisions were not followed 

Law is hard but it is the law and there is no escape from it 

You can try applying for a stay before drt but in absence of valid legal grounds for grant of stay (which grounds cannot include grounds based on equity or hardship as described by you in my personal remark section) that exercise will only be a futile exercise 

Though there are no norms set up under serfaesi for determination of value of secured asset, there are guidelines laid down by SC and High Courts under  Land Acquisition and Compensation  Act 1894 and Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 which  are very elaborate. Challenge the set off price fixed by bank in DRT which  is unrealistic and fanciful and thereafter in High Court. You can also directly approach as issue involved is  of substantial significance, as the power of banks to determine value of secured assets is unregulated.

You need to negotiate it with bank if they agree

The bank had accepted your offer for an OTS by reckoning the value of the collateral at that point of time. Accordingly, you made some payments, though a portion of the settlement amount fell into dispute later. The bank cannot unilaterally set aside the OTS and proceed with revaluation of the collateral now. You need to argue your case accordingly.

Dear Client,

                 If you are not able to repay the loan the bank may give you the option of a one-time settlement. In this process, you have to repay a bulky amount of loan at once. The bank may waive off a portion of your interest considering it as a loss. Other ways are compromise or use various settlement schemes. Use alternative dispute resolution mechanisms for faster settlement of dues such as use Lok Adalats and Debt Recovery Tribunals. Actively circulate information of defaulters. Take strict action against large NPAs.Normally, banks write off an NPA when all recovery measures are exhausted and chances of recovery of loan are remote. However, banks are supposed to continue recovery steps even after a write-off.

The lender will start legal proceedings once your loan account turns into an NPA, which means only after you have not paid three consecutive EMIs. The lender will give you a notice of 60 days to clear the dues before starting the legal proceedings. This is the time you should try your best to settle the default.A write-off is an accounting action that reduces the value of an asset while simultaneously debiting a liabilities account. It is primarily used in its most literal sense by businesses seeking to account for unpaid loan obligations, unpaid receivables, or losses on stored inventory.

Thanks & Regards