PUNJAB NATION BANK Vs. ADDITIONAL DISTRICT MAGISTRATE

JUDGEMENT

(1.) Petitioner-Punjab National Bank impugns an order dtd. 27/5/2024 passed by the Collector, Raisen wherein the application filed by the Bank under Sec. 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'Act') has been dismissed by the Collector.

(2.) The Collector by the impugned order dtd. 27/5/2024 has held that during examination of the application, it is found that the Bank has already issued a sale certificate and since the Bank has already issued the sale certificate, it is not entitled to seek physical possession of the secured asset.

(3.) Learned counsel for the petitioner submits that physical possession of the secured asset had continued with the borrower and; as such, the sale certificate did not transfer full rights to the buyer and the secured creditor i.e. the Bank, continued to retain the right to take measures for taking over possession of the secured assets. He further submits that the Collector under Sec. 14 of the Act does not have any adjudicatory power and has to exercise only ministerial power of taking over possession of secured asset and handing over the same to the secured creditor.