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IN THE HIGH COURT OF MADHYA PRADESH AT JABALPUR
SANJEEV SACHDEVA, VIVEK AGARWAL, VINAY SARAF
Bank Of Baroda – Appellant
Versus
District Magistrate Cum Collector – Respondent
ORDER :
Vivek Agarwal, J.
This matter is referred by the Division Bench of this High Court which was hearing this writ petition with a request to Hon'ble The Chief Justice to constitute a larger Bench to decide the following questions :-
(1). Whether remedy of appeal under Section 17 (1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is available to the secured creditor against an order passed by the District Magistrate under Section 14 of the said Act ?
(2). Whether in judgment/order passed in W.A. No. 489/2016 and W.P. No. 15608/2020, the Division Benches have correctly interpreted Section 17 (1) of the said Act and whether the said judgments can be said to be good law ?
2. The factual matrix of the matter is that the Hon'ble Division Bench while deciding W.A. No. 489/2016 ( India Sem Asset Reconstruction Co. Ltd. Vs. State of M.P. and others ) decided on 21st day of December, 2017 were dealing with the order passed in W.P. No. 6131/2016 by which the learned Writ Court relying on the decision of the Supreme Court in KanhaiyaLal Lalchand Sachdev and others Vs. State of Maharashtra and others (2011) 2 SCC 782 held that an a
Remedy of appeal under Section 17(1) of the SARFAESI Act is not available to secured creditors against District Magistrate orders but only to aggrieved parties.
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 District Magistrate is not required to grant an opportunity of hearing to the petitioners while examining applications filed by secured creditors under Section 14 of the SARFAESI Act, 2002. The p....
A secured creditor retains the right to seek possession of secured assets even after issuing a sale certificate without physical possession, and the relevant authority acts ministerially under Sectio....
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....
The jurisdiction of the Civil Court is completely barred in so far as those matters, which would fall for adjudication within the jurisdiction of the Tribunal.
A District Magistrate's authority under the SARFAESI Act is administrative; subsequent orders can be made to modify the officer assigned for asset possession without it being deemed functus officio.
Possession of the secured asset can be taken by the secured creditor before confirmation of sale of the secured assets as well as post confirmation of sale.
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