Banking : Borrower "Not Serious" "In Repaying the Amount" to Bank; Borrower's Petition Dismissed by HC

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Banking - Secured Creditor v Debtor (Borrower) - Petition was Filed by the Borrower - Non seriousness of borrower referred - Borrower's petition dismissed

In this interesting case, the borrower petitioner's account had turned into NPA. "Bank had proceeded under S.13(4) of SARFAESI Act, 2002". He had filed a petition against a bank to quash the action of bank to "take over the physical possession of immovable property" of the borrower. However, the previous litigation among them was referred and after noting that borrower was "not serious in repayment", finally the borrower's petition was dismissed. 

Personal Comments:  It is relevant to note that the borrower is defined in S.2(f) of SARFAESI Act, 2002. However, the debt as defined in RDDBFI Act is acceptable under SARFAESI Act.

Vishal

Guwahati

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