The period of 30 days from receipt of the notice issued Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 by the borrower has lapsed, Borrower does not have a chance to redeem – Naba Kumar Dutta Vs. Union of India and Ors. – Calcutta High Court
Hon’ble Calcutta High Court held that the law permits the borrower to redeem the mortgage up to the date of publication of the notice for public auction. Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 grants this opportunity to the borrower by mandating the authorized officer to serve a notice of 30 days for sale of the immovable secured asset under sub-rule (5). This was the stage where the borrower could raise all his objections, including the objection with regard to the reserve price and also exercise his option to redeem the mortgage. After this exercise is over and the period of 30 days from receipt of the notice by the borrower had lapsed, the borrower does not have a chance to redeem. Once the publication was made, the borrower did not have any chance. Once he was given a chance to redeem the mortgage by matching the price, all requirements had been complied with.