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G. S. SANDHAWALIA, HARPREET KAUR JEEWAN
Punjab National Bank – Appellant
Versus
State of Punjab – Respondent
JUDGMENT
Harpreet Kaur Jeewan, J. - The present writ petition has been filed under Article 226/227 of the Constitution of India for issuance of a writ in the nature of 'mandamus' directing the Additional District Magistrate, Khanna (respondent No. 2) to decide the application dated 12.12.2019 (Annexure P- 1) under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act').
2. The claim in the petition is that respondent No. 3-M/s Ahuja Cotspin Pvt. Ltd (respondent No. 3) is the borrower and respondents No. 4 to 9 are the guarantors. The loan was sanctioned to respondent No. 3 as consortium loan and the Cash Credit Facilities were also availed by respondent No. 3. There are following outstandings against respondent No. 3.
| Sr. No. | Bank Name | Total outstandings | As on |
| 1 | Punjab National Bank, Large Corporate Branch, PNB House, 1st Floor, Industrial Area-A, Near Manju Cinema, Ludhiana (Punjab) 141003 | Rs. 48,90,08,887.90/- | 31.07.2019 |
| 2 | State Bank of India, Stressed Assets Management Branch, Civil Lines, Ludhiana | Rs. 75,66,85,588.44/- | 28.05.2019 |
| 3 | Central Bank | ||
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 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 time limit under Section 14 of the Act is directory; failure to act within stipulated time does not render the authority functus officio, emphasizing timely recovery for creditors.
Remedy under Section 14 of the Act is not rendered redundant if the District Magistrate is unable to handover the possession. The District Magistrate will still be enjoined upon, the duty to facilita....
The District Magistrate's role under Section 14 of the SARFAESI Act is ministerial, requiring prompt action without adjudicating disputes between parties.
District Magistrate's role under S.14 of the SARFAESI Act is purely administrative with no adjudicatory powers, upholding the law's constitutionality and confirming the permissibility of judicial rev....
The SARFAESI Act, 2002 mandates that applications under Section 14 must be disposed of expeditiously without requiring notice to borrowers, as the process is ministerial and non-adjudicatory.
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....
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