A partnership firm had taken loan mortaging a property from a bank. It failed to repay the debt and thus the Bank issued notice u/s 13(2) of SARFESI demanding repayment of Loan. The Firm failed to respond to the notice. The bank has now issued possession notice u/s 13(4) of SARFESI regarding posession of the mortgaged property.The firm was keen to offer the said property for one time settlemet and settle the due. But in the meantime it received the possession notice. can the firm still offer the property as one time settlement even after receiving the possession notice.
