INDUSIND BANK LTD. Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) The present petition under Article 226 of the Constitution of India is preferred by the petitioner seeking following reliefs:

(2.) At the outset, counsel for the petitioner placed order dtd. 22/8/2025 passed in W.P. No.31163/2025 and seeks parity. According to him, facts and circumstances of the present case vis-a-vis the case referred above are similar.

(3.) Precisely stated facts of the case, giving rise to the present petition are that petitioner is a financial institution as defined under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Securitization Act"). Petitioner company extended the loan facility to the borrower in lieu of property mortgaged by the borrower. Thereafter, since borrower failed to pay the loan amount, therefore, petitioner issued a notice under Sec. 13(2) of the the Securitization Act but borrower did not chose to repay the loan amount. Therefore, petitioner moved an application under Sec. 14 of the the Securitization Act before the CJM, Vidisha for taking possession of the property from the borrower. That application was allowed on 15/1/2025 directing the concerned Tahsildar to take possession of the property under mortgage.