A suit for foreclosure can be filed when:

S.67. Right to foreclosure or sale.—In the absence of a contract to the contrary, the mortgagee   has, at any time after the mortgage-money has become [due] to him, and before a decree has been   made for the redemption of the mortgaged property, or the mortgage-money has been paid or   deposited as hereinafter provided, a right to obtain from the Court [a decree] that the mortgagor   shall be absolutely debarred of his right to redeem the property, or [a decree] that the property be sold. A suit to obtain [a decree] that a mortgagor shall be absolutely debarred of his right to redeem the mortgaged property is called a suit for foreclosure.