Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002–Sec. 13(8) (As amended)–The right of a borrower to redeem the secured asset stands extinguished thereunder on the very date of publication of the notice for public auction under Rule 9(1) of Rules of 2002–Thus, the prayer of petitioners permitting them to deposit the outstanding amount to the respondent bank cannot be accepted as upon publication of auction notice dated 07.05.2024, the right of petitioners to redeem the secured asset stood extinguished.
