- (1.) Heard Sri Pankaj Kumar Tyagi, learned counsel for the petitioner and Sri Sandeep Singh, who has accepted notice on behalf of respondent-Bank.
(2.) Petitioner, who is a guarantor to the facility of loan availed by respondent no. 5 from respondent no. 3-Bank has approached this Court challenging the order passed by the Collector Bulandshahr, under Section 14 of the The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 on an application made by the respondent-Bank.
(3.) Learned counsel for the petitioner contends that it was incumbent upon the Bank to have proceeded against the principal borrower before auctioning the property of the guarantor. Reliance has been placed on Division Bench judgement of Hon'ble Apex Court in the case of Pawan Kumar Jain Vs. The Pradeshiya Industrial and Investment Corporation of U.P. Ltd and Ors, 2004 3 UPLBEC 2366.;