(1.) This appeal poses a very interesting, and at the same time, an important question of law pertaining to the interpretation which is to be accorded to Section 36 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (hereinafter referred to as SARFAESI Act?). This provision makes the following reading:
(2.) The issue as to whether action of the respondent bank invoking the provisions of SARFAESI Act by serving notice of Section 32 of the said Act is barred by limitation or not, which has arisen in the following background.
(3.) The respondent bank herein had given certain loans to one M/s. General Tyre House, a partnership firm in the year 1981. For securing this loan, the appellant was one of the guarantors. He also gave the security in the form of equitable mortgage in respect of house property bearing Municipal No.32/24, Pratap Nagar, Jagdigh Colony, Rohtak (Haryana). The loan could not be paid by M/s. General Tyre House, which forced the bank to file CS (OS) No.935 of 1984 for recovery of Rs 7,75,283.60 against that firm as well as the appellant and other guarantors. The aforesaid proceedings are still pending adjudication and the Suit has not been decided so far.