Section 98 in The Delhi Co-operative Societies Rules, 2007
98. Recovery of dues and foreclosure.
(1)Notwithstanding any thing contained in the loan agreement and the mortgage deed entered into between a co-operative housing society and the apex or, the financial institution approved and recognized by the National Housing Bank for granting housing finance, where the co-operative housing society has raised loan from the apex or the financial institution against the security of land and buildings, in such a case, if any beneficiary member of the co-operative housing society or purchaser from him, fails to repay the loan installment for a continuous period of sixty days after the installment has become due, for which in the intervening period due notice has been served on the beneficiary by the cooperative housing society or the financial institution shall issue a notice stating therein for repayment of defaulted installments along with balance outstanding as recall of loan within a period of thirty days from the receipt of the notice.(2)If any member or purchaser fails to repay the defaulted amount after the receipt of the said notice within the period of thirty days, the committee after deliberating the matter shall authorize a person to refer the case to the Registrar. The Registrar on receipt of application from a committee may make further enquiries, if he consider it necessary and also provide an opportunity through a notice within sixty days of the receipt of application from the committee to clear the default within the period of ninety days. If a defaulter member still persists in default, the Registrar may issue a certificate for the recovery of defaulted amount along with interest and cost, if any, as arrears of land revenue,
