Courts should dispose of applications under Section 14 of the SARFAESI Act expeditiously.

JUDGMENT

This application is submitted by the petitioner, which is a Securitization and Reconstruction company, being aggrieved by the delay on the part of the Chief Judicial Magistrate Court, Kollam in disposing of an application submitted under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2000 (SARFAESI Act). The grievance highlighted by the petitioner is that, even though the said application was submitted in the year 2020, the same has not been disposed of even after expiry of two years.

2. When this original petition came up for consideration before this Court on 29.11.2022 a report was called for from the learned Magistrate as to the status of the said application. In response to the same, a report dated 06.12.2022 has been placed on record, wherein various proceedings that took place in the said application have been described by the learned Magistrate. It is also pointed out that, the parties are trying for a settlement, and challenge against the proceedings are also pending before the court. It is further stated that all earnest efforts would be taken to dispose of the said application. Today, when the matter came up for consideration, the learned counsel appearing for the petitioner submitted that an Advocate Commissioner has already been appointed by the learned Magistrate for taking possession of the secured assets.

Considering all the relevant aspects, this original petition is disposed of directing the Chief Judicial Magistrate Court, Kollam to dispose of C.M.P. No.2664/2020 as expeditiously as possible.