ALLAHABAD 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 12/03/2019 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 NEERAJ J VASU, learned counsel for the petitioner submitted that as regard to Application under Section 14 of the SARFAESI Act, 2002 is concerned, Petitioner through its authorized office issued notice u/s.13(2) of the SARFAESI Act, 2002 on 13/11/2018 to borrower (s) / guarantor (s) / mortgagors i.e. Mr. Pravinkumar L. Jain. It is submitted that the petitioner herein was constrained to take action u/s. 13(4) to recover the possession of the secured assets and for that purpose authorized officers of the petitioner went to the premises of the secured asset on 07/02/2019 and took the symbolic possession as per the provisions of the SARFAESI Act, 2002. Petitioner herein has preferred application along with checklist before the respondent No.2 herein u/s.14 of SARFAESI Act, 2002 on 12/03/2019.