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TMI Blog2017 (2) TMI 702X X X X Extracts X X X X X X X X Extracts X X X X ..... invested by the petitioner. Ultimately, the petitioner was disbursed only Rs. 383.60 lakhs and the petitioner had to invest almost Rs. 4 crores for continuing with the project which as of now, has not been completed. The petitioner had also not paid any amount in repayment of the loan in which context, the respondent Bank had initiated proceedings against the petitioner. The default is admitted. 2. The petitioner also has a contention that the repayment commences only after the last disbursement of the loan amount sanctioned and the said disbursement has not been occasioned as of now. The respondent Bank however submits that whatever they had sanctioned has been fully disbursed to them in stages and the repayment had to commence and only o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n shows that the Bank received the same only on 18.01.2016 after the 60 days period. 5. In such circumstance, the learned Standing Counsel would argue that there was absolutely no requirement for the respondent Bank to consider the objection. It is contended by the respondent Bank that the defaulter who receives a notice under Section 13 (2) of the SARFAESI Act would be obliged to make an objection, if any within 60 days. Is such an objection has not been made then necessarily the secured creditor could proceed under subsection (4) of Section 13 of the SARFAESI Act. The petitioner who was the defaulter to the respondent Bank having received the notice under Section 13 (2) has an obligation to file an objection within 60 days, which he did ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner. In that circumstance it was only proper that the objections were considered before the proceedings were taken. The petitioner could not have challenged the notice under section 13(2) of the SARFAESI Act before any forum. 7. In that totality of the circumstances as noticed above, this Court is of the opinion that the respondent Bank cannot proceed on the basis of the publication made under Section 13(4) of the SARFAESI Act, only for the reason of the respondent Bank having not considered the objections filed before it, pursuant to the notice under Section 13(2), which was before it; before a decision was taken to proceed under section 13(4); though filed by the defaulter after the 60 days period as prescribed under the SARFAESI Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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