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IN THE HIGH COURT OF KERALA AT ERNAKULAM
JUSTICE, J
Banking Company – Appellant
Versus
2nd Respondent – Respondent
| Table of Content |
|---|
| 1. filing under sarfaesi act initiated to recover loan amounts. (Para 2) |
| 2. arguments presented regarding jurisdiction and powers of the cjm. (Para 3 , 4) |
| 3. court's conclusion on cjm's lack of jurisdiction over borrower petitions. (Para 5) |
JUDGMENT
This Writ Petition has been filed inter-alia seeking a declaration that Ext.P3 petition filed by the 2nd respondent before the Chief Judicial Magistrate Court, Kozhikode (hereinafter referred to as ‘the CJM’) is not maintainable and the issues raised in the petition cannot be adjudicated by the Chief Judicial Magistrate .
The brief facts:-
2. The petitioner, a banking company, initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the SARFAESI Act’) to recover amounts due under a loan availed by respondent Nos.2, 3 and 4 from it. The 2nd respondent challenged the proceedings by an application under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal-I, Ernakulam (hereinafter referred to as ‘the Tribunal’). The application was numbered as S.A. No.432 of 2024 before the Tribunal. The Tribunal, on 12.08.2024, i
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