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TMI Blog2019 (4) TMI 1825X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent-Bank has issued Notice dated 17-5-2018 under Section 13(2) read with Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, SARFAESI Act) to the petitioner for repayment of debt, he being the son of the guarantor Dattatray Mhaiskar (since deceased), who had executed deed of guarantee on 29-9-2009 to secure the amount of credit facility extended by respondent Bank to M/s. Ideal Energy Projects Limited. He contends that the petitioner has no financial or fiduciary nature of relation whatsoever with the respondent-Bank and this is also an admitted position as far as the petitioner and the respondent-Bank are concerned. In other words, Learned Senior Advoca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Constitution of India would always be maintainable. Thus, we need not say anything more on this issue which is already set at rest. 5. As regards inter se relationship between the petitioner and respondent-Bank, we must say that the SARFAESI Act and also the Act of 1993 would require that the relationship must be informed by the financial characteristics in the sense that there must be some financial assistance given to a borrower or his assignee or its agent and a guarantor or a person who has stepped into shoes of the guarantor, promising to secure repayment of financial assistance given to the borrower or his assignee or its agent on default by him. Sans such a characteristic, there would not be any sort of financial or fiduciary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gle pie or any property from his father - Dattatray Mhaiskar. There was no rejoinder issued to this reply by the respondent-Bank. Even now in the reply filed to this petition, nothing is stated by way of a pleading that the petitioner has incurred liability here by stepping into the shoes of his father on account of his receiving some legacy or some property in bequeathal or on succession after the demise of his father and which was belonging to his father. 8. Thus, the facts discussed above would clearly show that the petitioner has no liability whatsoever to satisfy the debt incurred by M/s. Ideal Energy Projects Limited for whom his deceased father stood as guarantor and as such, the petitioner could not have been joined as a party ..... X X X X Extracts X X X X X X X X Extracts X X X X
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