In Tom Thomas Vs. State Bank of India Overseas Branch, Willington Island, Kerala High Court found that the very prayer of the guarantors is essentially for a direction to the creditor bank to proceed against certain other items of secured assets initially, and to proceed against the residential properties only thereafter and held that it is the prerogative of the creditor to proceed for recovery of its debt in any of the legally permissible modes and against the available securities. It is up to him to choose the easiest mode which according to him would enable him to realise his debt. The surety or the principal debtor do not have a right to dictate terms to the creditor as to how he should make recovery of its debt.
Special Leave Petition (Crl.) No. 8907 of 2009 Anup Sarmah (Petitioner) Vs Bhola Nath Sharma & Ors.(Respondents) The petitioner submitted that respondents-financer had forcibly taken away the vehicle financed by them and illegally deprived the petitioner from its lawful possession and thus, committed a crime. The complaint filed by the petitioner had been entertained by the Judicial Magistrate (Ist Class), Gauhati (Assam) in Complaint Case No. 608 of 2009, even directing the interim custody of the vehicle (Maruti Zen) be given to the petitioner vide order dated 17.3.2009. The respondent on approaching the Guwahati High Court against this order, the hon'ble court squashed the criminal proceedings pending before the learned Magistrate. After hearing both sides, the Hon'ble Supreme Court decided on 30th...
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