Power of sale when to be exercised

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 or any other law for the time being in force, where a power of sale without the intervention of the court is expressly conferred on a society by declaration creating the mortgage, the society or any person authorized by such society in this behalf shall, in case of default of payments of the mortgage money or any part thereof, have power, in addition to any other remedy available to the society, to bring the mortgaged property to sale without the intervention of the Court. (2) No such power shall be exercised unless and until, – (a) the society has previously authorized the exercise of the power conferred by sub-section (1), after hearing and deciding the objections, if any, of the mortgagor or any other person having any interest in the mortgaged property; (b) notice in writing requiring payment of such mortgage money or part has been served upon – (i) the mortgagor or each of the mortgagors; (ii) any person who has any interest in or charge upon the property mortgaged or the right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part thereof; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; (c) default has been made in payment of such mortgaged money or part for thirty days after such service; and (d) the Registrar, in case where the amount claimed by the society is disputed, has certified that the amount claimed or lesser amount is due from the mortgagor.