J U D G M E N T

~ ~ ~ ~ ~ ~ ~ ~ ~

The petitioner is Managing Director of a Private Limited Company. The Company availed Overdraft facility of ₹5 Crores on 28.04.2015 from the respondent-Bank. Three pieces of immovable property were mortgaged by way of security.

2. When repayment of loan defaulted, the Bank declared the Company account as NPA and invoked proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Ext.P1 Section 13(4) possession notice was issued. The Bank also filed arbitration case invoking Section 69 of the Kerala Co-operative Societies Act for recovery of ₹7,68,13,635/-. The respondent approached the Chief Judicial Magistrate's Court, Thrissur under Section 14 of the Act, 2002. The CJM passed Ext.P3 order appointing an Advocate Commissioner to take over physical possession of the secured asset. The petitioner is challenging Ext.P1 notice and Ext.P3 order.

3. The petitioner states that the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is without jurisdiction as proceedings were initiated before declaring the loan account as NPA