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arrangement (video conferencing/physical mode).
This writ petition has been filed by the petitioner
Soudamini Nayak challenging the possession notice dated
19.06.2025 vide Annexure-7 issued by the Bank as well as
notice to auction for sale of the residential building of the
petitioner.
In the case of Celir LLP -Vrs.- Bafna Motors
(Mumbai) (P) Ltd. reported in (2024) 2 Supreme
Court Cases 1, it has been held as follows:
“110.3. In accordance with the unamended
Section 13(8) of the SARFAESI Act, the right of
the borrower to redeem the secured asset was
available till the sale or transfer of such secured
asset. In other words, the borrower’s right of
redemption did not stand terminated on the date
of the auction-sale of the secured asset itself and
remained alive till the transfer was completed in
favour of the auction-purchaser, by registration of
the sale certificate and delivery of possession of
the secured asset. However, the amended
provisions of Section 13(8) of the SARFAESI Act,
make it clear that the right of the borrower to
redeem the secured asset stands extinguished
thereunder on the very date of publication of the
notice for public auction under Rule 9(1) of the
2002 Rules. In effect, the right of redemption
available to the borrower under the present
statutory regime is drastically curtailed and would
be available only till the date of publication of the
notice under Rule 9(1) of the 2002 Rules and not
till the completion of the sale or transfer of the
secured asset in favour of the auction-purchaser.”
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