Order on Board

09/12/2024 Heard.

1. Learned counsel appearing for the petitioner submits that the procedure contemplated under Section 14 of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (henceforth, the SARFAESI Act”) was commenced against borrower as their account was declared as Non-Performing Asset (NPA).

2. Learned counsel appearing for the petitioner submits that proviso to Section 14 of the SARFAESI Act provides that the decision on like nature of the application has to be made within a period of 30 days and, if not so, within a further period of 60 days. In the instant case, the petitioner has filed application under Section 14 of the SARFAESI Act bearing Revenue Case No. 139/B- 121/2022-2023 before respondent No. 1 on 20.12.2022, despite that the same has not been decided yet by respondent No. 1/District Magistrate, Raipur.

3. For ready reference, the proviso to Section 14 of the SARFAESI Act is reproduced hereinunder :

[ Provided that any application by the secured creditor shall be accompanied by an affidavit duly affirmed by the authorised officer of the secured creditor, declaring that-

(i) the aggregate amount of fi