The petitioner is aggrieved with the recovery proceedings initiated under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'SARFAESI' Act) The challenge raised is on two grounds; one of limitation and the other of the necessary requirement for initiating a proceeding under Section 13(2) of the SARFAESI Act having not been satisfied.

2. The ground of limitation is urged on the contention that, as per Section 36 of the SARFAESI Act, there is a limitation provided for taking proceedings under the Act, which is relatable to the limitation as provided in the Limitation Act. Article 62 of the Limitation Act, provides a period of 12 years, for enforcement of payment of money secured by a mortgage; which has to run from the date when the money became due, which in the instant case, relates back to the date on which the amounts were recalled in the year 2000.

3. The brief facts to be noticed are that the petitioner availed a credit facility from the respondent Bank on 10.03.1999 of Rs.3,00,000/-. The petitioner also mortgaged his property for the aforesaid loan. The Bank filed a suit numbered as O.S No.131/2000, the plai