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Judgment
Sheel Nagu, CJ
In this petition, petitioner – guarantor has assailed the recourse adopted by respondent – bank u/s 13 (4) of the Securitisation and Reconstrucction of Financial Assets and Ennforcement of Security Interest Act, 2002 (in shhort, ‘SARFAESI Act’).
On 02.02.2021, when cognizaance of this matter was taken, it was contended by the petitioner that out of total amount of Rs. 44 lacs, outstanding in her loan account at that time, a sum of Rs. 33 lacs had already been deposited by her.
Learned counsel for respondents No.1 and 2 – bank submits that if the petitiioner is ready and willing to depposit the amount, which is due as on 30.11.20255, she can deposit the same withh respondent – bank within a period of one monnth.
In view of above, this Courrt disposes of this petition with a direction thhat in case, the entire amount, which is due in her loan account as on 30.11.2025, is deposited by the petitioner on or before 15.12.2025, her loan account shhall be re-scheduled. In case, the petitioner fails to deposit the amount tilll 15.12.2025, the respondent – bank shall be free to liquidate the secured assset and recover the balance dues after following due process of law, as laid dowwn in SARFAESI Act.
4.1 The petitioner is also free to approach DRT, since this Court has not dealt with the case on merits.