SHRI RAJAN GUPTA Vs. BANK OF INDIA

JUDGEMENT

(1.) These three petitions raise common issues and were, therefore, heard together and are being disposed of by this common judgment. The issue is with regard to the meaning of the word "borrower" as appearing in Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the said Act').

(2.) According to the petitioners, the word "borrower" as appearing in the said Section 13 (2) and as defined in Section 2 (f) of the said Act cannot extend and does not extend to include legal representatives of the original borrower. According to them, the expression relates only to the persons who took the loan or who were guarantors for the loan. It does not extend to their heirs or successors or legal representatives.

(3.) On the other hand, the learned counsel for the respondents contends that the expression "borrower" not only includes the persons who originally took the loan or the persons who originally stood guarantee, but also their legal representatives and heirs.