JAFFAR Vs. DHANALAKSHMI BANK LIMITED

JUDGEMENT

(1.) This is an application filed by the petitioner, who is the first respondent in Crl MP No. 132/2012 on the files of the Chief Judicial Magistrate Court, Palakkad, to quash Annexure-1 order under Section 482 of the Code of Criminal Procedure. It is alleged in the petition that, the first respondent Bank moved the Court below seeking assistance for taking possession of certain property said to be secured asset under the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act). The Court below earlier passed an order, which was challenged by the petitioner before this Court by filing Crl MC No. 4770/2013 and this Court allowed the application and directed the Court below to decide the matter afresh in accordance with law. Thereafter Annexure-1 order has been passed by the learned Chief Judicial Magistrate, which is being challenged before this Court.

(2.) Heard the counsel for the petitioner on the question of admission itself. The only allegation was that the procedure to be followed under Section 13 of the SARFAESI Act has not been followed by the Bank before resorting to the proceedings under Section 14 of the Act.

(3.) There is no dispute regarding the fact that there was loan transaction between the petitioner and the respondent bank on furnishing security of the property belonging to the petitioner. It is also not in dispute that default has been committed by the petitioner in payment and amounts are due to the bank from the petitioner. It may be mentioned here that the SARFAESI Act itself has been enacted for the purpose of enabling the financial institutions to get speedy remedy to recover the amounts due to them from the borrower by proceeding against secured interest without the intervention of the Court.