K V PALANIVEL AND JAY YES FABRICS REPRESENTED BY ITS PROPRIETOR, A JAYARAJ Vs. SOUTH INDIAN BANK LTD REPRESENTED BY ITS CHIEF MANAGER, R VIJAYAKUMAR

JUDGEMENT

(1.) The Revision is directed against the order passed by the learned Chief Judicial Magistrate, Erode, directing to take delivery of possession of the secured assets through Advocate Commissioner.

(2.) The respondent herein filed an application seeking assistance under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Learned Chief Judicial Magistrate, Erode having been satisfied with the sworn statement of the authorised officer examined on the side of the respondent herein and the documents Ex.P1 and P4 marked, arrived at a conclusion that all the legal formalities have already been complied with scrupulously by the respondent herein and consequently conferred the relief sought for by the applicant.

(3.) The order passed by the learned Chief Judicial Magistrate, Erode, is challenged by way of revision before this Court. Learned Counsel appearing for the revision petitioner would submit that no notice under Section 13(2) of the SARFAESI Act was issued to the petitioners herein, and no finding also was recorded by the learned Chief Judicial Magistrate, Erode as to the compliance of the mandatory provisions of Section 13 of the said Act. The second application filed by the respondent seeking the very same relief is not maintainable in law, he would submit.