The short question falls for consideration in this matter is whether the Chief Judicial Magistrate exercising power under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) has jurisdiction to grant time for payment of the debt due to the secured creditor.

2. The short facts relevant for adjudication of the question are the following : The petitioner is a bank satisfying the definition of 'bank' under of the Act. The case of the petitioner is that respondents 1 and 2 who are husband and wife, have been enjoying credit facilities along with the third respondent from them in the name of two partnerships on the security of a property belonging to respondents 1 and 2. When respondents 1 to 3 committed default in remitting the dues to the petitioner, proceedings have been initiated by the petitioner before the Debts Recovery Tribunal, Ernakulam under the Recovery of Debts due to Banks and Financial Institutions Act for realisation of the outstanding dues. The said proceedings, namely O.A.350 of 2017 is pending. It is stated that the amount claimed by the petitioner from respondents 1 to 3 in the said