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IN THE HIGH COURT OF JHARKHAND AT RANCHI
RAJESH SHANKAR, J.
Cholamandalam Investment & Finance Company Ltd. – Appellant
Versus
The State Of Jharkhand – Respondent
| Table of Content |
|---|
| 1. factual background of the case (Para 1 , 2 , 3 , 4) |
| 2. arguments related to compliance and duty under sarfaesi act (Para 5 , 6 , 7) |
| 3. court's directive for expedited proceedings (Para 8) |
| 4. conclusion and order for the respondent (Para 9) |
ORDER :
1. The present writ petition has been filed for issuance of direction upon the respondent no. 2 - the Deputy Commissioner, Hazaribag to forthwith dispose of the application dated 12.09.2024 preferred by the petitioner under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act 2002”) which was registered as SARFAESI Case No. 180 of 2024 (Acknowledgement No. RCMSON24084909).
2. Learned counsel for the petitioner submits that the petitioner is a company incorporated under the Companies Act and is one of the leading non-banking financial institutions registered with RBI. It has been engaged in the business of financing for purchasing of vehicles/houses by providing financial assistance to different companies, body corporates and private individuals.
3. It is further submitted that the respondent no. 3 is the borrower and
The Deputy Commissioner must promptly conclude proceedings under Section 14 of the SARFAESI Act, reflecting the statutory obligation to act without delay in recovery cases.
The Deputy Commissioner must promptly conclude proceedings under Section 14 of the SARFAESI Act to ensure secured creditors can take possession without undue delay.
The court enforced the statutory obligation under the SARFAESI Act, requiring timely action for the disposal of applications, emphasizing that such actions must be completed within 30 days to prevent....
The court mandated timely processing of applications under Section 14 of the SARFAESI Act, emphasizing that statutory obligations must be met without delays.
The District Magistrate must act within 30 days to assist secured creditors under the SARFAESI Act, ensuring timely compliance with legal provisions.
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