First -- Your Land was acquired under Land Acquisition Act 1894 , Award given in 1962 and compensation given , so I presume you got compensation before 1970 or so which is irrelevant here
Second - You state possession not taken, See this statement is not acceptable because generally what govt. do is that they take possession and then give compensation. Whether they took possession or not you can only understand from that Land acquisition case file wherether Possession receipt issued or not or they maintain other register (rules may differ from state to state) where they write remark land possession taken.
Third -- Generally after taking possession of the land by Govt still if you have possession, then it is considered as encrochment on land which is acquired by Government. So in this case you are considered as encrochers and not the owners
Fourth -- You reffered section 101 of new land acquistion act which is properly known as Right to fair compensation and transpareency in land acquisition , rehabilitation and resettlement Act 2013.
This section clearly states "When any land acquired under this act remains unutilized ..........................................."
So land has they have to acquire under 2013 act and not 1894 act for effect
Fifth --- So in your case this section is not applicable , forget it in my opinion
Sixth ---- But if you can prove that this land is in your possession then you can do other trick that you can take name of some one in family who is with you but who has not received compensation, Claim adverse possession against state in court of law. Min. period of adverse possession should be 30 years. Rember just filling suit is waste of time, first you need sufficient evidence to prove you are there on land for 30 years , which is many time difficult , Second you have to pay court fee to court as per valuation of land which depends upon state to state. Third when you take first step , against Govt. , it will be like sleeping poisionous snake getting up it will immedately use Encrochment section in relevant law like land revenue code and take steps to remove you from possession , or take aid of other law to remove you from possession. So before taking legal steps you should be 100% prepared or don't put first step in court this is my recomendation.
Seventh -- You asked whether govt. can take possession now . In my opinion you may be encrocher on land so they will use relevant provision to remove encrochment easily.
I gave this opinion after knowing general things regarding land acquisition etc. After studying documents in land acquisition file you may get different opinion if any 1) Go and collect entire file of your Land Acquisition case under RTI 2) Also ask them information on your record who is in possession of land . This both thing you have to do with Land acquisition officer or whatever designation officer is incharge of acquisition in your dist (Desiganation may varrie from state to state)