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IN THE HIGH COURT OF JHARKHAND AT RANCHI
RAJESH SHANKAR, J.
Cholamandalam Investment and Finance Company Ltd. – Appellant
Versus
State of Jharkhand – Respondent
| Table of Content |
|---|
| 1. factual basis for the petition (Para 1 , 2 , 3 , 4) |
| 2. statutory obligations of respondent under sarfaesi act (Para 5 , 6 , 7) |
| 3. court's directive for expedited action (Para 8) |
| 4. conclusion and order of the court (Para 9) |
JUDGMENT :
1. The present writ petition has been filed for issuance of direction upon the respondent no. 2 - the Deputy Commissioner, Ramgarh to forthwith dispose of the application 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”).
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 respondent nos. 4 to 6 are co-borrowers, who had applied for loan for the purpose of enhancement of their business to
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 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 mandated timely processing of applications under Section 14 of the SARFAESI Act, emphasizing that statutory obligations must be met without delays.
The main legal point established in the judgment is the proper application of Section 14 of the SARFAESI Act, including the requirements for the application, consideration of borrower's representatio....
The SARFAESI Act provides a specific framework for securitization and enforcement of security interest, and parties must adhere to its provisions. The jurisdiction of the Debts Recovery Tribunal and ....
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