INDIAN BANK Vs. STATE OF GUJARAT

JUDGEMENT

(1.) In this petition under Article 226 of the Constitution of India, the prayer of the petitioner is that the respondent District Magistrate is not deciding the application dated 27.05.2019 filed under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (' SARFAESI Act ' for short) though the statute specifies the particular time limit within which such application has to be decided.

(2.) As the order is for the purpose of compliance of statutory provision, formal notice is not found necessary.

(3.) Mr. Ritesh Patadiya, learned counsel for the petitioner submitted that the Borrowers having failed to repay the amounts, the authorized officers of the Petitioner Bank was constrained to move the aforementioned Application under Section 14 of the SARFAESI Act before the Respondent No:2 on 27.05.2019. Inter alia praying for the assistance for taking physical possession of the immovable properties (Secured asset) exclusively under the charge of the Bank and to hand over the same to the Bank. The said application is yet not taken for hearing.