IIFL HOME FINANCE LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Rule. Rule returnable forthwith. By consent of parties, petitions are taken up for final disposal at admission stage.

(2.) Mr Chapalgaonkar, learned Counsel for petitioners submits that the petitioners are financial institutions. The petitioners had submitted applications under Section 14 of the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (hereinafter referred to as " SARFAESI Act " for brevity) before the District Magistrate, Aurangabad. The District Magistrate, Aurangabad refused to accept the applications on the ground that he does not possess the authority under Section 14 of the SARFAESI Act and the authority vests with Chief Judicial Magistrate. Mr Chapalgaonkar submits that the said interpretation of the District Magistrate is contrary to Section 14 of the SARFAESI Act.

(3.) We have also heard learned Assistant Government Pleader. It would be appropriate to reproduce the provision of Section 14 of the SARFAESI Act.