AUTHRISED OFFICER CANARA BANK Vs. SULAY TRADERS

JUDGEMENT

(1.) The petitioner by this petition has challenged the order dated 20-1-2010 passed by the Chief Metropolitan Magistrate in Misc. Criminal Application No. 13 of 2010, whereby he has issued notice upon the opponent therein against whom the order under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "Securitisation Act") has been prayed.

(2.) As larger question had arisen in the present petition as to whether the Magistrate could exercise the power of issuing notice to the borrower or the party against whom the application is made under Sec. 14 of the Securitisation Act or not, the notice was ordered to be issued to the Government Pleader on behalf of the State Government as well as to the learned Assistant Solicitor General on behalf of the Central Government. Thereafter, the learned Government Pleader had called for the remarks of the Executive Magistrate regarding the exercise of the power under Sec. 14 of the Securitisation Act and he has placed on record the comments received by him together with the suggestion.

(3.) I have heard the learned Assistant Solicitor General Mr. Champaneri. After the comments received on behalf of the State Government, Mr. Shah, learned Counsel for the petitioner is also heard.