Bank’s Right to Recover Becomes Absolute Once Demand Notice Is Served During Borrower’s Lifetime; Fresh Notice to Legal Heirs Not Required: Kerala High Court
The Kerala High Court delivered an important judgment explaining the rights of banks under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The case arose from recovery proceedings initiated by Bank of Maharashtra against a borrower and guarantor who later passed away. The legal heir challenged the continuation of recovery proceedings after the death of the guarantor. Facts Leading to the Dispute A loan…
