Dear Friends,
An account was classified as NPA in January 2010. Subsequently 13(2) Notice was issued on February 2010 and recalled the loan. The 60 days period lapsed in April 2010. Meanwhile, the borrower paid two EMIs during february and one EMI in March and one EMI in April. Now his due is for a period of 60 days and not 90 days. At this stage, since we have recalled the loan and he has not paid the entire amount mentioned in the 13(2) notice, can we possess the property under section 13(4) of the securitisation Act?
