Bhagwati Prasad, J. - (1.) HEARD .
(2.) THE present writ petition is filed against the act of the Bank whereby the Bank has resorted to recovery of the secured interest against a person who says that he is the guarantor of the principal borrower. The case of the petitioner is that the petitioner being a guarantor, it is not available for the Bank to proceed against the assets of the guarantor without exhausting its right, liability and claim against the principal borrower.
(3.) LEARNED Counsel for the respondent per contra submits that in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Act of 2002"), the definition of "borrower" is provided in Section 2(f) of the Act of 2002 which is quoted herein below: "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or reconstruction company consequent upon acquisition by it of any rights or interest of any bank or financial institution in relation to such financial assistance;