DEEPAK PANCH Vs. SENT BANK HOME FINANCE LIMITED

JUDGEMENT

(1.) The Petitioners are aggrieved by the order dated 9-4-2010 passed by the Chief Judicial Magistrate, Bilaspur on an application and in exercise of powers under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act').

(2.) The Respondent No. 1 had submitted the subject application after issuance of and publication of notice under Section 13(2) of the SARFAESI Act when the borrower did not deposit the loan amount after expiry of the period of 60 days. The application under Section 14 has been moved for taking possession of the secured asset. The Chief Judicial Magistrate has issued warrant of possession in favour of the Respondent No. 1.

(3.) Learned Counsel for the Petitioners has argued that the Petitioners are not borrowers and that they are bona fide purchaser of the property from one Bundi Bai and are in possession of the property for last more than seven years. He also submits that they have obtained the loan from Respondent No. 4 bank and no amount is due against them, therefore issuance of warrant of possession is illegal and that the application was moved without arraying them as party even though they are in possession of the property.