In case of default in EMI, banks are now empowered by courts under
securitization Act to take possession of the flat and even eventually
sell the same to square off the loan.This is a welcome move to curb
NPA of banks

However, before the process of auction of flat starts, can the
consumer have any right to approach the bank and explain the
circumstances leading to default and agree to pay the all arrears of
EMI, with penalty, with legal charges, etc incurred by the bank and
get possession of flat.

Do borrower/ consumer have some rights?

Rajesh