Mortgagor's Liability Separate from Borrower: SARFAESI Act Interpretation Clarifies Pre-Deposit Calculation and Creditor Response Mechanisms

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....HC held that under SARFAESI Act, the liability of mortgagor is distinct from the borrower in determining pre-deposit amount. The court clarified that when a borrower raises objections to a secured creditor's notice, the creditor's response can be considered in calculating the debt due. The statutory provisions mandate the secured creditor to consider and communicate responses to borrower representations. The court directed DRAT to reassess the pre-deposit amount by considering the petitioner's reply and bank's rejoinder, effectively quashing the previous order and allowing the petition in part.....