Can A Borrower Enter Into A One Time Settlement Scheme At A Belated Stage?

This article explores the different facets of reclaiming property from a secured creditor by the borrower at a belated stage, particularly post auction. Generally, when a borrower defaults in its payment obligation and fails to discharge the liability in full¹ , a secured creditor has a number of actions to choose from the legal way forward against the borrower. While the Act² clearly provides for an inbuilt safety net for the borrower, in the event the borrower has at any time before the date of publication of notice for public auction for inviting quotations or tender from public or private treaty for transfer, has made good the amount of dues along with costs, charges and expenses incurred by the secured creditor.