The petitioner is secured creditor with whom the properties of the respondents were mortgaged on advancing loan. Since there was significant default on the part of the respondents, the petitioner issued Notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "Act"). Even then the respondents did neither come forward to discharge the loan nor make any representation as to the payment to the petitioner. Hence this petitioner moved the Chief Judicial Magistrates Court, Ootacamand, by filing an application under Section 14 of the Act, praying the court to exercise its power to take possession of the assets belonging to the respondents. However, the learned Chief Judicial Magistrate, Ootacamand, directed to issue notice to the respondents returnable by 31.01.2009. The said order is being challenged before this Court in this revision petition.

2. It is the quintessence of the contention of the petitioner that no notice is contemplated under section 14 of the Act, that the Court below should have acted in accordance with the provisions of the Act, more particularly contained in Section 14 of the Act and that issuance of the notice to the respondent is not sustainable.

3. It is beneficial to have extraction of relevant provisions viz., Section 13 and 14 of the Act, for better understanding of the subject:

13. Enforcement of security interest:-(1) Notwithstanding anything contained in section 69 or section 69-A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the Court or tribunal, by such creditor in accordance with the provisions of the Act.

(2) Where any borrower, who is under a liability to a secured creditor under a security agreement, makes any default in repayment of secured debt or any instalment thereof, and his account in respect of such debt is classified by the secured creditor as nonperforming asset, then, the secured creditor may require the borrower by notice in writing to discharge in full his liabilities to the secured creditor within sixty days from the date of notice failing which the secured creditor shall be entitled to exercise all or any of the rights under sub-section (4).

(3) ... ... ... ...

(3-A) ... ... ... ...

(4) In case the borrower failed to discharge his liability in full within the period specified in sub-section (2), the secured creditor may take recourse to one or more of the following measures to recover his secured debt, namely:-

(a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset;

(b) take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset.

... ... ... ... ... ...

14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset:-(1) Where the possession of any secured asset is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of the Act, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto maybe situated or found to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may, the District Magistrate shall, on such request being made to him -

(a) take possession of such asset and documents relating thereto; and

(b) forward such asset and documents to the secured creditor.

(2) For the purpose of securing compliance with the provision of sub-section (1), the Chief Metropolitan