Act. He submitted that the language of sub-
section (13) of Section 13 of the SARFAESI Act,
however, shows that no borrower shall, after receipt ... Vikas Singh next submitted that sub- section (13)
of Section 13 of the SARFAESI Act further provides
that no borrower shall, after receipt of notice
under Section 14 of the SARFAESI Act for assistance to take possession and, therefore, Section 14 of the SARFAESI Act hinges upon Section 13 ... SARFAESI Act from Section 13(5) to Section 13(13) which are in effect to facilitate the taking of possession under Section 13
raised the issue of
the proceedings under Sections 13(2) and 13(4) of the SARFAESI Act
being bad in law as the notice dated ... exclusively to BOB and thus
the notice under Section 13(2) and 13(4) of SARFAESI Act qua the
residential property could be proceeded with
notice under Section 13(2) and also the
procedure prescribed under sub-section (3A) of Section 13
of the SARFAESI Act as canvassed ... recourse under sub-section (4)
of Section 13 would fall. The recourse/action under Section
13(4) of the SARFAESI Act is based upon
available in Section 37 of the SARFAESI Act.
26. Section 37 of the SARFAESI Act reads:
"The provisions of this Act or the rules ... under Section 17 of the SARFAESI Act.
39. Section 36 of the SARFAESI Act prescribes the period of limitation to proceed under Section 13
offended Section 19 of the Act 51 of 1993 making the notice under Section 13(4) , preceded under Section 13(2) of the SARFAESI Act ... they are advised, to proceed under Section 13(2) followed by Section 13(4) of the SARFAESI Act, as contemplated under law, after withdrawing
Tribunal under Sub-Section (1) of Section 17 of the
SARFAESI Act.
27. Reverting back to Sub-Section (3A) of Section 13 of
the SARFAESI ... 13 of
27
the SARFAESI Act read with the Explanation to Sub-Section (1) of
Section 17 of the SARFAESI Act, it is crystal clear
provisions.
Section 13(13) of the SARFAESI Act, at the relevant point of
time, stated as under:
13. Enforcement of security interest.-
(13) No borrower ... person aggrieved in Section 17(1) would practically make the
bar envisioned by Section 13(13) of the SARFAESI Act otiose. The
words any person
offended Section 19 of the Act 51 of 1993 making the notice under Section 13(4) , preceded under Section 13(2) of the SARFAESI Act ... they are advised, to proceed under Section 13(2) followed by Section 13(4) of the SARFAESI Act, as contemplated under law, after withdrawing
measures mentioned in
Section 13 of the said Act. Subsection (13)
of Section 13 of the SARFAESI Act, however,
provides that after receipt ... notice
under Section 13(2) . The secured creditors
exercised their rights under sub section 4 of
Section 13 of the SARFAESI Act to take
possession
