Wednesday 7 October 2015

Borrower can't exercise redemption right if he failed to approach bank after receipt of sale notice

SARFAESI : Where after receipt of sale notice borrower had not approached bank in regard to repayment of due amount to redeem mortgaged sale of mortgaged properties, borrower had not exercised its right of redemption under section 13(8) and right of redemption in favour of borrower was completely erased on confirmation of sale in favour of petitioner

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