Order on Board

15/01/2025

1. By the present writ petition, the petitioner/Bank is questioning the order dated 24/12/2024, by which, the application under Section 14 of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act 2002’) has been rejected on the ground that the borrowers who have noticed in that proceedings undertakes to repay the loan.

2. (A)Learned counsel for the petitioner submits that Section 14 of the Act, 2002 provides as under:-

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