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N. KOTISWAR SINGH, MOKSHA KHAJURIA KAZMI
Ablum Electrical Industries (M/s) – Appellant
Versus
Authorised Officer, Cluster Head, J&K Bank, Pulwama – Respondent
| Table of Content |
|---|
| 1. writ jurisdiction under article 226 applicability (Para 1 , 2) |
| 2. non-compliance of mandatory provisions in sarfaesi (Para 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 3. jurisdictional questions regarding cjm actions (Para 14 , 15 , 18) |
| 4. viability of representations under the sarfaesi act (Para 20 , 21 , 22 , 23) |
| 5. judicial discretion regarding intervention under article 226 (Para 72 , 74 , 76) |
JUDGEMENT
N. Kotiswar Singh, CJ.
1. The writ petition involves a seminal question of law as to whether this Court in exercise of the writ jurisdiction under Article 226 of the Constitution of India can intervene in a proceeding challenging an order passed by the Chief Judicial Magistrate under section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, (for short SARFAESI Act).
Background
2. An order was passed on 30.05.2023 by the Chief Judicial Magistrate, Budgam under section 14 of the SARFAESI Act at the instance of the respondent J&K Bank, by which the Sub Divisional Magistrate, Chandoora, was authorised to take possession of the mortgaged properties of the petitioner firm.
3. The legal contestation embarked upon by the petition
The Court clarified the jurisdiction of the Chief Judicial Magistrate under Section 14 of the SARFAESI Act, holding that both the District Magistrate and Chief Judicial Magistrate have the jurisdicti....
The Chief Judicial Magistrate holds equivalent jurisdiction as the Chief Metropolitan Magistrate under the SARFAESI Act, permitting administrative orders for asset recovery.
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 court affirmed that aggrieved parties under the SARFAESI Act must approach the Debts Recovery Tribunal for relief, emphasizing the importance of alternative remedies.
The powers of a Magistrate under Section 14 of the SARFAESI Act are strictly ministerial and do not permit adjudication of third-party claims on secured assets.
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