KOTAK MAHINDRA BANK LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Heard. Rule. Respondents waive service. The petition is heard finally by consent of the parties.

(2.) This petition filed under Articles 226 and 227 of the Constitution of India prays for directions to respondent no.2 to forthwith implement the order dated 14th June, 2010 passed by the learned Chief Metropolitan Magistrate so as to take the physical possession of the secured assets from whosoever found in possession and if necessary, with the assistance of the police and by breaking open the locks and handover the same to the authorised officer of the petitioner.

(3.) The petitioner is a banking company as defined in Clause 5 of the Banking Regulation Act, 1949 and registered under the Indian Companies Act, 1956. It claims to have a recovery of Rs.204,67,34,100/- along with other Working Capital Bankers and the claims are pending before the Debts Recovery Tribunal at Ahmedabad. On 6th March, 2009, a Demand Notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( the Act for short), was issued by the petitioner to respondent no.3, which is a guarantor and mortgagor, to pay an amount of Rs.85,16,64,243/- due and payable to the petitioner as on 4th September, 2003 within a period of 60 days with further interest at the rate of 15% p.a. from the date of the notice. On 6th July, 2009, the authorised officer of the petitioner along with representative of the secured creditors visited the secured assets being the Unit of the respondent no. 3 and demanded the possession of the mortgaged property. Possession was not handed over. The authorised officer filed an application before the Chief Metropolitan Magistrate under Section 14 of the Act. The learned Chief Metropolitan Magistrate passed an order directing the Assistant Registrar, Borivali Centre of Courts (respondent no.2) to take possession of the mortgaged assets along with accounts and handover the same to the authorised officer of the petitioner.