HEMABUSHAN Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) This Writ Petition is filed seeking Writ of Certiorari to quash the orders of Chief Metropolitan Magistrate, Egmore in Crl.O.P. No. 2359 of 2010 dated 16.08.2010 appointing Advocate-Commissioner to take possession of the property of the Petitioner.

(2.) 2nd Respondent-Lakshmipathy and 3rd Respondent-Somasundari have availed home loan of Rs. 10,21,000/- on 24.03.2004 from 1st Respondent Bank and executed various documents and also deposited title deeds of the mortgaged property. The borrowers failed to honour the commitment and so the loan account become Non Performing Asset. By exercising the power conferred on the 1st Respondent Bank under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [SARFAESI Act], 1st Respondent Bank issued Demand notice to the borrowers [1st and 2nd Respondents] on 27.06.2009 to enable them to pay the balance amount of Rs. 9,36,281.90 within 60 days from the date of notice and the said notice was duly served to the borrowers. Even after the expiry of 60 days, the borrowers have not come forward to repay the dues. Stating that they are not in a position to take physical possession of the secured asset, 1st Respondent Bank filed Petition under Section 14 of SARFAESI Act before Chief Metropolitan Magistrate, Egmore to pass an order enabling the 1st Respondent Bank to take possession and management of the secured asset.

(3.) By the order dated 16.08.2010 in Crl.O.P. No. 2359/2010, the Chief Metropolitan Magistrate, Egmore has passed the impugned order appointing the Advocate-Commissioner to take possession of the property. On 21.08.2010, the Advocate-Commissioner came to the spot along with other Officers of the 1st Respondent Bank to take possession of the property. Aggrieved by the same, Petitioner has filed this Writ Petition.