No mandate to include borrower and guarantor in Expression Parties u/r 8(8) of SARFAESI Act

Dr. Tushar Kanti Karmakar Vs Shilabati Hospital Private Limited & Ors (Calcutta High Court) Conclusion: The term “parties” under Rule 8(8) of the 2002 Rules confines to the secured creditor and the proposed purchaser; borrower’s or guarantor’s consent was not necessary for effecting sale of secured assets by private treaty. It was evident that under Rule 8(8), whether in its pre-amendment or post-amendment form, the term “parties” refers only to the Bank and the proposed purchaser. Held: The Writ petitioners/Borrowers, being the Directors of M/s Shilabati Hospital Pvt. Ltd. ap...