"124. We summarize our final conclusion as under: - (I) ftction 11 of the SARFAESI Act deats with resolution of disputes retating to securitisation, reconstruction or non-payment of any amount due betwen the bank or financial institution or asset reconstruction company or qualified buyer. (II) In order to attract the provision of Section t t of the SARFAESI Act, twin conditions have to be fulfilled being; first, the dispute must be between any bank or financial institution or asset reconstruction company or quatifid buyer and secondly, the dispute must relate to securitisation or ruonstruction or non-payment of any amount due including interest. Where the aforesaid two conditions are found to be prima-facie atisfied, there the DRT will have no jurisdiction and the proper recourse would only fu through Section lI of the SARFAESI Act read with the Ac[, 1996. (III) The expression ',non-payment of any amount due, including interest,, ud in Section 11 of the SARFAESI Act is of wide import and would include a uarious range of scenarios of disputes,connected to unpaid amounts including those arising due to third_ party defaulB, such as indirect defaults of the borrowers. (IV) Any dispute betwen two bank, financial institution1 asset reconstruction companies or qualified buyerc etc., where the jural retation betwen the two is of a lender and bor_rower, then sa.
