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Supreme Court Of India

(From : Allahabad)*

Hon'ble Judge(s): G. S. Singhvi, A. K. Ganguly , JJ

(A) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (54 of 2002) , S.13(2), S.13(4)— Enforcement of security interest - Action directly against guarantor - Without taking action against borrower - Not illegal. (Para 15) (B) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (54 of 2002) , S.17, S.13(4)— Constitution of India , Art.226— Remedies against action for recovery of secured debt - Words "any person" in S.17 - Includes guarantor or any person affected by action taken u/S.13(4) - Writ petition filed by guarantor against such action - Entertainment of, by High Court - Misconceived as effective alternative remedy is available. C. M. W. P. No. 55375 of 2009, D/-28-10-2009 (All), Reversed. If guarantor of bank debt taken by borrower had any tangible grievance against the notice issued under Section 13(4) or action taken under Section 14, then he could have availed remedy by filing an application under Section 17(1). The expression 'any person' used in Section 17(1) is of wide import. It takes within its fold, not only the borrower but also guarantor or any other person who may be affected by the action taken under Section 13(4) or Section 14.....