Withdrawal of notice u/s. 13(2) of SARFAESI doesn’t invalidate effect of recovery certificate

State Bank of India Vs Rakesh Hariram Agarwal (NCLAT Delhi) NCLAT Delhi held that withdrawal of first notice via second notice under Sec.13(2) of the SARFAESI Act doesn’t invalidate the effect of the recovery certificate which the DRT has passed. Accordingly, PIRP was laid in time and hence appeals are allowed. Facts- The appellant is a Nationalised Bank. On 23.09.2009 it advanced a loan of Rs.10.50 Crores to a certain Asis Global Limited, to which the 1st respondent in both the appeals had given a personal guarantee. The principal borrower however, did not repay the loan amount promptly an...