In Brief
The appellant, a guarantor to a bank loan, created a mortgage on his property to secure the debt. After the loan defaulted, the bank initiated proceedings under the SARFAESI Act and conducted an auction sale. The appellant offered to pay the outstanding dues after the sale was confirmed and registered. The Supreme Court held that under Section 13(8) of the SARFAESI Act, a mortgagor must tender the full dues together with all costs and expenses before the date fixed for sale to preserve the right of redemption. Since the appellant failed to make full payment before the sale, his redemption rights were extinguished. However, he was entitled to a refund of his partial deposit with interest.
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