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RDDBFI (Amendment) Act, 2000 25.03.2000 w.e.f.17.01.2000

January 1, 2017

RDDBFI (Amendment) Act, 2000 25.03.2000 w.e.f.17.01.2000 Click here

RDDBFI (Amendment) Act, 2000 25.03.2000 w.e.f.17.01.2000

https://cdn.ibclaw.online/legalcontent/debtRecovery/RDB1993/Act/3.+RDDBFI+(Amendment)+Act+2000+25.03.2000+w.e.f.17.01.2000.pdf

If the composite decree is a decree which is both a personal decree as well as a mortgage decree, without any limitation on its execution, the decree-holder, in principle, cannot be forced to first exhaust the remedy by way of execution of the mortgage decree alone and told that only if the amount recovered is insufficient, he can be permitted to take recourse to the execution of the personal decree-State Bank Of India Vs. Indexport Registered And Ors -SC

Guarantor cannot but be stated to be a strict liability & even if the principal debtor is discharged from his liability unless such discharge is through the act of the creditor without consent of the surety/guarantor, the creditor’s right of action against the surety is preserved-Industrial Finance Corporation Of India Ltd. Vs. Thletdc.An&Naonrosr.E Spinning & Weaving Mills -Supreme Court

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