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IN THE HIGH COURT OF JHARKHAND AT RANCHI
RAJESH SHANKAR, J.
Union Bank Of India, Through Its Authorized Officer, (Senior Manager), Diwesh Narayan Sinha, Ranchi – Appellant
Versus
The State Of Jharkhand, Through The Secretary, Department Of Personnel, Administrative Reforms And Rajbhasa, Ranchi – Respondent
| Table of Content |
|---|
| 1. petitioner seeks direction for asset possession. (Para 1) |
| 2. factual background of loan and default (Para 2 , 3 , 4 , 5 , 6 , 7) |
| 3. statutory obligations under sarfaesi act (Para 8 , 9) |
| 4. agreement on statutory conclusion timeframe (Para 10) |
| 5. directed expedited conclusion of proceedings (Para 11) |
| 6. writ petition disposed with direction (Para 12 , 13) |
JUDGMENT :
1. Learned counsel for the petitioner-company confines the prayer made in the present writ petition only to the extent of issuance of direction upon the respondent No.2 to expeditiously dispose of the petitioner’s application dated 18.01.2023 preferred 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’].
2. Learned counsel for the petitioner submits that the petitioner is a Banking Company duly registered under the Companies Act, 1956. The respondent No.3 being the borrower and the respondent No.4 being the co-borrower had applied for financial assistance in order to purchase a residential flat i.e. Flat No. A/3/13, 3rd Floor, Type-13, measuring an area of 912 sq. ft. in Block No. A, K
The court mandated timely processing of applications under Section 14 of the SARFAESI Act, emphasizing that statutory obligations must be met without delays.
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 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 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 emphasized the mandatory timeline for deciding applications under Section 14 of the SARFAESI Act to facilitate timely recovery of secured assets, indicating any undue delay undermines the o....
The District Magistrate must act within 30 days to assist secured creditors under the SARFAESI Act, ensuring timely compliance with legal provisions.
Section 14 of the SARFAESI Act, 2002 mandates the District Collector to pass necessary orders within 30 days from the date of application by the secured creditor.
District Magistrate must execute possession orders under Section 14 of the Act within 30 days, extending up to 60 days only if reasons are recorded.
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