On the failure to pay the loan amount, the account was classified as NPA and SARFAESI Proceedings was initiated by the respondent/ Bank. The account was classified as NPA by M/s. City Financial Consumer Finance India Limited. Thereafter, by assignment deed dated 31/10/2012, the M/s. City Financial Consumer Finance India Limited assigned the loan to the respondent. The assignment deed is produced for a perusal of this Tribunal. M/s. City Financial Consumer Finance India Limited had informed the borrowers E.Arumugam, by a letter dated 12.11.2012 about the assignment of the loan in favour of the respondent/Bank. This letter was also communicated to the guarantor E.Kumar, the appellant herein. After assignment, the respondent/Bank, by letter dated 28.02.2013 informed about the assignment to the borrower by marking a copy to the appellant also. Not only that, these letters were marked to the borrower’s wife Mrs.A.Kavitha on 23.12.2013. The respondent/Bank issued legal notice to the borrower marking copies to the appellant and Mrs.A.Kavitha, wife of the borrower, demanding a sum of Rs.34,82,798/- as due. Copies of postal receipt for sending the notice are produced. This notice was followed by demand notice dated 30.03.2014 issued to the appellant, borrower and his wife Mrs.A.Kavitha. The postal receipts and track consignment records to show that notice sent to the addressee has been returned ‘unserved’ are produced. As already stated, there is an admission of receipt of
