How to get stay order of property possession taken by NBFC for Non payment of EMI for 120 days.
Hello,
I have a loan from an NBFC ..
total pending - 92 lacs
Total EMI overdue - 8.5 lacs
For non payment of above EMI, the NBFC got a court order and has taken possession of my home. I was having some cash issues and so couldn’t pay for 4-5 months. When bank people came with notices first two times, I had informed them that I’m selling another land of mine and plz allow me more time.. one day after my house possession was taken over, I had the registration slot for selling my other land.
Coming to the point, on day of handover of possession, I requested bank ppl a lot and told them I’m ready to clear 1/3 of my loan that very Instant since I had received advance for my land deal, but they refused and very bluntly made us vacate our house and took possession.
I’m ready to pay 1/3 amount from the 92 lacs immediately and want to file an application in DRT for getting a stay order on the possession of my property and get the possession back asap!
Is this possible?
What are my other options??
As of today I cannot pay the entire 92 lacs in one go but I want possession of my property back asap!
Maximum I can pay upto 50% if required immediately.
Since it’s an NBFC and not a bank, will there be different rules?
I’m not sure if the procedure they followed also is completely legal, and that they followed the entire process correctly before taking up the possession, but I don’t want to waste time fighting that. I’m ready to pay up, what’s my solution?
And if I file a petition in DRT tomorrow, can I expect a stay order on same day and get possession back immediately ??