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MADRAS HIGH COURT
Mr. S. Nagamuthu, J
Indian Overseas Bank – Appellant
Versus
public limited company – Respondent
| Table of Content |
|---|
| 1. petition filed to set aside order of chief judicial magistrate. (Para 1 , 2) |
| 2. discussion on maintainability and jurisdiction as per sarfaesi act. (Para 4 , 5) |
| 3. decision on notice requirements when seeking possession of secured assets. (Para 6 , 10 , 15) |
| 4. argument regarding procedural aspects of notice under sarfaesi act. (Para 7 , 8 , 12) |
1. This petition is filed praying to set aside the order passed by the learned Chief Judicial Magistrate, Tiruchirappalli dated 11.12.2007 in Crl. M.P.No. 1472 of 2007.
2. The petitioner herein is Indian Overseas Bank, a nationalised bank, who is a secured creditor. The first respondent herein is a public limited company, who is a principal borrower and the second respondent is the Managing Director and the third respondent is the Director and also the guarantor and the fourth respondent viz., the Inspector of Police, Thuvakudi Police Station is an unnecessary party.
3. The petitioner herein filed an application before the learned Chief Judicial Magistrate, Tiruchirappalli for taking possession of secured assets under S.14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
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