[SARFAESI Act] Borrower who fails to pay dues before auction notice cannot redeem mortgage: Supreme Court

After a 2016 amendment to the SARFAESI Act, the right of mortgage redemption available to the borrower under the present statutory regime is drastically curtailed, the top court pointed out.
CJI DY Chandrachud and Justice JB Pardiwala
CJI DY Chandrachud and Justice JB Pardiwala
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The Supreme Court on Thursday held that the right of mortgage redemption is available to a borrower under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), only till the publication of the auction notice and not thereafter. [Celir LLP vs Bafna Motors Mumbai Pvt Ltd and ors]

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