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2015 Supreme(Ker) 962

DAMA SESHADRI NAIDU
C. V. SHAJI – Appellant
Versus
FEDERAL BANK LTD, ERNAKULAM BROADWAY BRANCH, COCHIN, REPRESENTED BY ITS AUTHORIZED OFFICER, Mrs. SARASWATHY R. K. , CHIEF MANAGER AND AUTHORIZED OFFICER ASSET RECOVERY BRANCH, FEDERAL TOWERS, MARINE DRIVE – Respondent


Advocates:
Advocate Appeared:
For the Petitioner: SRI.RAJIT
For the Respondent: SRI. NAGARAJ NARAYANAN, SRI. SAIJO HASSAN, SRI. BENOJ C AUGUSTIN, SRI. PRATHAP PILLAI, SRI.SEBIN THOMAS, SRI.VIVEK V. KANNANKERI, SMT.J.KASTHURI, SRI.VISHNU BHUVANENDRAN, SRI.PETER THARAKAN, SRI.FRANCIS PETER THARAKAN

JUDGMENT

The petitioners are the tenants of the property belonging to respondents 4 to 11, whose predecessor-in-title is said to have inducted them as tenants. Since the demised premises had been mortgaged with the first respondent Bank, on default, the Bank has initiated recovery proceedings by taking recourse to the Securitization and Re-construction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act , 2002 (the 'Act' for brevity). The grievance of the petitioners is that the respondent bank has initiated proceedings under Section 14 of the Act for taking possession without adding any of the tenants as parties.

2. The learned counsel for the petitioners has submitted that the petitioners have been inducted as tenants in the various tenements belonging to the respondents 4 to 11. He has further submitted that despite the fact that the petitioners are the tenants in legal possession of the property, the first respondent Bank has not made them parties before the Chief Judicial Magistrate, Thrissur, before whom the first respondent has filed an application under Section 14 of the Act for taking possession of the property.

3. The learned counsel has placed reliance













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