debts which do not
necessarily fall in the definition of financial debt or
operational. Money borrowed against payment of interest
comes within the definition financial ... debt. However, if the
money borrowed is not against payment of interest, under
the definition of financial debt, the core requirement is
to find whether
aspect of notice is concerned, it will be worthwhile to borrow the definition of the word 'Notice' as defined in Section
merely recorded that Section 2(f) thereof defined borrower to mean
the principal borrower who is granted financial assistance and included a
guarantor, a mortgagor ... finding"
after threshing out contrary arguments was returned qua the definition of
borrower. We may also notice that the SARFAESI Act was enacted after
adjudication may not be necessary, unless it is sought by any
borrower or other person aggrieved by any measure adopted by the secured
creditor under ... notice under Section 13(2) of the Act to the borrowers
(which definition also includes guarantors) calling upon the borrowers to
repay the amount
adjudication may not be necessary, unless it is sought by any
borrower or other person aggrieved by any measure adopted by the secured
creditor under ... notice under Section 13(2) of the Act to the borrowers
(which definition also includes guarantors) calling upon the borrowers to
repay the amount
further
submitted that the petitioner is covered under the definition
of borrower as defined under Section 2(f) of the Act and
therefore, the notice ... evident that the petitioner is not covered under the definition
of the borrower. It is pertinent to note that it is not the case
failed to repay the debt.
2. Indeed, this borrower does not recognise his status as a
borrower and seeks to make a distinction between ... clubs the two together within the fold of
the definition of "borrower".
3. The facts are not in much dispute. A loan
proceedings under Section 14 of the Act of 2002, the
borrower (which definition includes a guarantor) has no role to play
and the authority approached ... jurisdiction to entertain any grievance by a borrower or to hear the
borrower. To repeat, the authority approached under Section
borrower or cogent grounds could be brought to challenge the
proposed auction sale on the ruse that no debt was due from the
borrower ... defined in such Act, has nothing to do
with the borrower where the definition of a borrower under the Act of
2002 covers even
proceedings under Section 14 of the Act of 2002,
the borrower (which definition includes a guarantor) has no role to
play and the authority approached ... jurisdiction to entertain any grievance by a borrower or to hear
the borrower. To repeat, the authority approached under Section
