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VINOD S. BHARDWAJ
Atul Paints – Appellant
Versus
Additional District Magistrate, Ludhiana – Respondent
JUDGMENT
Vinod S. Bhardwaj, J. (Oral)
The petitioner has approached this court for seeking directions to the respondent to decide the complaint dated 03.12.2022, (Annexure P- 10) filed under Section 340 Cr.P.C. against the authorised officer of M/s ASREC (India) Ltd. for concealing material facts regarding various court litigations and F.I.R. to District Magistrate, Ludhiana and obtained permissions fraudulently under Section 14 of SARFAESI Act from District Magistrate, Ludhiana vide Application/ MISAL No. 843/2022 dated 19.09.2022 and permission granted vide Endorsement No. 6552- 55/Peshi/ADC dated 27.10.2022.
2. It has been averred in the present petition that M/s ASREC (India) Ltd. issued a demand notice dated 11.04.2022 for Rs.26,96,23,532.70 informing regarding a notice under section 13(2) of the SARFAESI Act which was issued to petitioner on 04.05.2016. (ANNEXURE P-1). Petitioner later raised objections regarding denying service of notice dated 04.05.2016 issued by M/s ASREC (India) Ltd, but without considering the facts M/s ASREC (India) Ltd.'s authorized officer on 05.07.2022 issued notice under Section 13(4) of the SARFAESI Act. Aggrieved by the notice of symbolic possession
The court mandated the District Magistrate to decide a pending complaint regarding the concealment of facts under the SARFAESI Act within four months, ensuring a fair hearing.
The need to notice the borrowers under Section 14 of the SARFAESI Act was not necessary or justified.
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 ....
The central legal point established in the judgment is that the jurisdiction of the DA under Section 14 of the SARFAESI Act is limited to assisting secured creditors in obtaining possession of the se....
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