INDIAN OVERSEAS BANK Vs. SREE ARAVINDH STEELS LTD

JUDGEMENT

(1.) THIS petition is filed praying to set aside the order passed by the learned chief Judicial Magistrate, Tiruchirappalli dated 11/12/2007 in Crl. M. P. No. 1472 of 2007.

(2.) THE petitioner herein is Indian Overseas Bank, a nationalised bank, who is a secured creditor. The first respondent herein is a public limited company, who is a principal borrower and the second respondent is the Managing Director and the third respondent is the Director and also the guarantor and the fourth respondent viz. , the inspector of Police, Thuvakudi Police station is an unnecessary party.

(3.) THE petitioner herein filed an application before the learned Chief Judicial Magistrate, tiruchirappalli for taking possession of secured assets under Section 14 (1) of the securitisation and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002 (hereinafter called as sarfaesi Act ). As the learned Chief Judicial Magistrate, tiruchirappalli had dismissed the said application, the petitioner has preferred this petition before this Court under Section 482 Cr. P. C.