G. BALASUBRAMANIAM Vs. DISTRICT MAGISTRATE/DISTRICT COLLECTOR, COIMBATORE

JUDGEMENT

(1.) The petitioner is the partner of M/s.Jem Jewellers and the said firm had availed credit facilities for a sum of Rs.4.8 Crores in the year 2013 and for due repayment of the same, security in the form of immovable properties have also been made and it appears that the said Firm had committed default in payment of dues and therefore, action was initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act),

(2.) The petitioner made a challenge to the Possession notice issued under Sec. 13(4) of the SARFAESI Act dtd. 7/8/2019, filed SARFAESI Appeal and pending disposal of the same, had filed a petition for stay, praying for stay of the auction of the suit scheduled property, which is to be held on 20/3/2019 and sale notice dtd. 2/3/2019 and a conditional interim order of stay was passed and according to the learned counsel appearing for the petitioner, despite the petitioner was willing to comply with the condition, it was refused to be received by the Bank.

(3.) The 3rd respondent has also invoked Sec. 14(1) of the SARFAESI Act by filing application before the District Collector and District Magistrate, Coimbatore, who vide order dtd. 7/8/2019 has passed an order for assisting the 3rd respondent to take possession of the secured assets. The petitioner challenging the legality of the said order has filed this Writ Petition. The Writ Petition was entertained on 26/11/2019 and an order of interim stay for a period of four weeks was granted.