The right of Borrower to redeem would be available till the sale certificate is registered and the possession is handed over after which the Borrower will not have a right for redemption under the unamended provision of Section 13(8) of the SARFAESI Act, 2002 – Surinder Pal Singh Vs. Vijaya Bank & Ors. – Supreme Court

Hon’ble Supreme Court held that the net result is that the right of the Borrower to redeem would be available till the sale certificate is registered and the possession is handed over after which the Borrower will not have a right for redemption under the unamended provision of Section 13 (8) of the SARFAESI Act. The Court held that we are not inclined to interfere with the impugned judgment and order passed by the High Court dismissing the Writ Petition. However, in the interest of justice and to do equity between the parties, we are of the view that the borrowers must pay a reasonable amount to the Auction Purchaser.

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