1. This appeal poses a very interesting, and at the same time, an important question of law pertaining to the interpretation which is to be accorded to Section 36 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (hereinafter referred to as „SARFAESI Act?). This provision makes the following reading:

“36. Limitation No secured creditor shall be entitled to take all or any of the measures under sub-section (4) of section 13, unless his claim in respect of financial asset is made within the period of limitation prescribed under the Limitation Act, 1963 (36 of 1963).”

2. The issue as to whether action of the respondent bank invoking the provisions of SARFAESI Act by serving notice of Section 32 of the said Act is barred by limitation or not, which has arisen in the following background.

3. The respondent bank herein had given certain loans to one M/s. General Tyre House, a partnership firm in the year 1981. For securing this loan, the appellant was one of the guarantors. He also gave the security in the form of equitable mortgage in respect of house property bearing Municipal No.32/24, Pratap Nagar, Jagdigh Colony, Rohtak (Har