Bank has filed notice u/s 13(2) of Sarfaesai act. We gave a represetnation with the request to make part substantial payment and balance to be restructured along with release of some properties. Bank issued NOC for sale of property and allowed the borrower to make payment. The Bank accepted the request of the borrower and issued acceptance of proposal within a period of two days. Can Bank issue now notice u/s 13(4) for recovery of the balance amount. and not restructure the account as requested by the party. The Bank has not rejected the application of borrower and accepted the payment of dues.
Please advise whether Bank can issue notice u/s 13(4) where the substantial amount has been accepted by the bank on representation of the party as well as accepted its proposal for restructuring of the loan. The Bank had not rejected the contents of the letter and application of the borrower but accepted it.
