When a Bank holding immoveable proerty as a mortgee, opts to proceed before Debt Recovery Tribunal or under SARFESAi Act , i.e, prefer to take a certificate from DRT and sell the property by the Authorised Officer, after attachment etc. or proceed to sell the morgaged property under SARFESAI, does it mean and result in the Bank waiiving or foregoing its right as a mortgagee and what shall be the rights of any person who had obtained transfer of the property before the proerty is attached pursuant a certificate issued by DRT in OA filed by the Bank. In the matter of application of SARFESAI can the transferee prior to invocation of SEC. 13 of the Act say that since the Bank waived or implied gave up its rights as a mortgagee under general law, the mortgage is not binding on him.
