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Head Note

Indian Contract Act, 1872  - Section 128 , Section 126

Recovery of Public dues (Loan Amount) - Public money should be recovered and recovery should be made expeditiously - But it does not mean that the financial institutions may be permitted to behave like property dealers and be permitted further to dispose of the secured assets in any unreasonable or arbitrary manner in flagrant violation of statutory provisions - The authority is also duty bound to decide as to whether sale of part of the property would meet the outstanding demand - If auction fetched more consideration than due from loanee, the balance amount be paid to loanee.

Indian Contract Act, 1872  - Section 128

Recovery of loan amount - Liability of guarantor is co-extensive with that of debtor - Creditor has a right to obtain a decree against the surety and the principal debtor - The surety has no right to restrain execution of the decree against him until the creditor has exhausted his remedy against the principal debtor for the reason that it is the business of the surety/guarantor to see whether the principal debtor has paid or not - In case there are more than one surety the liability is to be divided equally among the sureties for unpaid amount of loan. AIR 1992 SC 1740, relied.

The Code of Civil Procedure, 1908  - Order XXI Rule (32) ,  Rule (35)

Public Auctions for recovery of loan amount - Reserve price - Meaning - Sale of Public property by Public auction by Public Authority - A highest bidder in public auction cannot have a right to get the property or any privilege, unless the authority confirms the auction sale, being fully satisfied that the property has fetched the appropriate price and there has been no collusion between the bidders - The price with which the public auction starts and the auction bidders are not permitted to give bids below and said price, i.e. the minimum bid at auction. AIR 1972 SC 1816 : AIR 1981 SC 1722, relied.

Topic(s)-Recovery of Public Dues , Liability of Guarantor , Public Auctions for Recovery of Loan Amount

Important Decision(s)- 

• Public money should be recovered and recovery should be made expeditiously.
• In case there are more than one surety the liability is to be divided equally among the sureties for unpaid amount of loan.