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THE HIGH COURT OF SIKKIM : GANGTOK
| Table of Content |
|---|
| 1. writ petition filed for direction to dispose application. (Para 1) |
| 2. notices issued regarding attachment and extensions. (Para 2 , 3) |
| 3. drt's order restraining possession of the property. (Para 4) |
| 4. writ petition dismissed; no cause under challenge. (Para 5) |
JUDGMENT :
BHASKAR RAJ PRADHAN, J.
1. The present writ petition has been filed seeking a direction to the District Magistrate, Soreng District to dispose of the petitioner’s application dated 29.08.2023 filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
2. The learned counsel for the petitioner draws the attention of this Court to the said application as well as to the notice dated 13.05.2025 issued to the respondent no.2. The said notice reads as under:-
“On perusal of the documents, it has been found that an affidavit duly affirmed by the Authorized Officer as stipulated vide Proviso to sub-section (1) of Section 14 of the Act has been submitted along with the application.
Therefore, you are hereby informed that it has been decided to take over the secured assets from you on 3rd June, 2025.
You have the liberty to vacat
The court affirmed that the order of the Debts Recovery Tribunal restraining possession of secured assets is binding and unchallenged, nullifying the petitioner's arguments.
The District Magistrate must act within 30 days to assist secured creditors under the SARFAESI Act, ensuring timely compliance with legal provisions.
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....
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