Under sarfaesi act, 2002, partial release of the building
Our building consists of 4 floors building, at the time of mortgage, only two floors, where in the building; at the time of our account became NPA, etc; under sarfaesi act, 2002; the bank took the possession of the four floors building, when the two floors, shall satisfy to clear the outstanding loan amount. Can we ask DRT AT HYDERABAD, TO RELEASE THE TWO FLOORS; although,50% of the amount is paid and the case ; SA AND O.A. is pending in the drt, since, last 4 years. Although, we tried to get the loan settlement at Npa DATE, the Sbi is not accepting our proposal to be settled as per the supreme court judgement: Sardar Associates vs Punjab and Sind bank: the landmark judgment of 2009.
please, advice us to get the release of the two floors and how to get the loan settlement under OTS. once, we got the loan settlement letter, but, it was not done as per the NPA DATE; hence, we declined to get the settlement of the loan. Also, the Npa DATE, is not as RBI guidelines; they are taking the date of Npa, AFTER 270 DAYS INSTEAD OF 90 DAYS. Hence, we request to expert adovocates, who are very much thorough, with the sarfaesi act, 2002 cases to reply to my query, for which, we would be very thankful and grateful