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BHARGAV D. KARIA
Kotak Mahindra Bank Ltd. – Appellant
Versus
District Magistrate – Respondent
JUDGMENT :
1. Heard learned advocate Mr. Tirth Nayak for learned Senior Advocate Mr. Navin Pahwa for the petitioner, learned Assistant Government Pleader Mr. Trupesh Kathiriya for the respondent no.1 and learned advocate Mr. Pavan S. Godiawala for respondent nos. 2 and 3.
2. Rule returnable forthwith. Learned Assistant Government Pleader Mr. Trupesh Kathiriya waives service of notice of rule on behalf of respondent no.1 and learned advocate Mr. Pavan S. Godiawala waives service of notice of rule on behalf of respondent nos.2 and 3.
3. This Court (Coram : Hon’ble Smt. Justice Abhilasha Kumari, As Her Ladyship was then) passed the following order on 24th August, 2015 :
It is submitted that the impugned order passed by the District Magistrate is unsustainable in law, as the view that an assignee bank cannot enforce the security created in favour of the assignor bank has been negatived by the Supreme Court in ICICI Bank Limited Vs. Official Liquidator of APS Star Industries Limited and others, reported in (2010) 10 SCC 1.
Issue Notice for final disposal, returnable on 07.09.2015.
In additi
The District Magistrate is not empowered to adjudicate upon the issue of registration of the deed of assignment while passing an order under section 14 of the SARFAESI Act.
The court clarified that the jurisdiction of the relevant Authority under Section 14 of the SARFAESI Act is limited to assisting a secured creditor in recovering possession of secured assets from a d....
The District Magistrate's jurisdiction under Section 14 of the SARFAESI Act is limited to ascertaining whether the statements required by the secured creditor in its affidavit have been made. The Dis....
The assignment of debt under the SARFAESI Act and the interpretation of 'financial institution' and 'secured creditor' were central to the court's decision.
(1) Possession of secured asset – Powers exercisable by CMM/DM under Section 14 of SARFAESI Act are ministerial step – Section 14 of SARFAESI Act does not involve any adjudicatory process qua points ....
Duty of Magistrate under Section 14 of SARFAESI Act is only to ascertain whether secured assets fall within his jurisdiction and to verify from bank or financial institutions whether notice under Sec....
Point of Law : Nature of powers to be exercised by learned Chief Metropolitan Magistrate/learned District Magistrate, High Court in impugned judgment and order has rightly observed and held that powe....
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