Dear All
I had an OD account which went NPA due to circumstantial reasons.
few months ago we were able to rent out a property and i had been giving the rent to the bank which was more than the monthly interest levied on over ourstanding amount.
Besides i had also applied for a loan against the rental income to clear the OverDraft liability and i had given an application to the bank regarding the development and asking for 60 days. But due to the banking procedures it is taking more time than i anticipated.
In the mean while i was served a notice under the Sarfaesi act and post 45 days of it bank came and took symbolic posession of the property.
I have borrowed some money and immediately reduced the liability by 20%.
i have been told by the bank that i have to clear in 15 days else they will take physical posession.
the property in question is our residense owned by my dad and our only shelter.
is there any way that we can get an extension in the time of 15 days granted by the bank so that we can arrange for the funds and clear the liability.
Please advise... would be very very grateful.......
M
