The question, we have been called upon to decide on a reference made by the learned Single Judge, is `whether the time-limit of one week provided in sub-section (3A) of Section 13 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short `the Securitisation Act') for communicating the non-acceptance of the representation/objections made by the borrower in response to a notice issued under sub-section (2) of Section 13, is mandatory or directory?

A learned Single Judge of this Court in Special Civil Application No.4045 of 2007 took the view that the same is a mandatory requirement, and non-compliance of that mandatory requirement within one week of the receipt of the representation/objections filed by the borrower would vitiate the proceedings initiated by the secured creditor under Section 13(4) of the Securitisation Act. When this case came up for hearing before another Judge, learned Judge took the view that the obligation cast upon the secured creditor is only to consider the objections filed by the borrower and take appropriate decision before taking any action under Section 13(4) of the Act. Learned Judge t