SHAYAM SUNDER ROHRA Vs. INDUS IND BANK

JUDGEMENT

(1.) Petitioner takes exception to order dated 23.04.2010; whereby, the Chief Judicial Magistrate has taken cognizance of an application under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act of 2002').

(2.) It is urged that Sec. 14 of the Act of 2002 empowers only the Chief Metropolitan Magistrate and the District magistrate to take cognizance of an application, it is beyond the jurisdiction of the Chief Judicial Magistrate to entertain the application. It is further contended that the judgment by the Division Bench of Kerala High Court in Muhammed Ashraf Vs. Union of India : AIR 2009 Kerala 14 on the basis whereof the Chief Judicial Magistrate has entertained the application has been distinguished by the Full Bench of Madras High Court in K.Arockiyaraj Vs. Chief Judicial Magistrate, Srivilliputhur AIR 2013 Madras 206.

(3.) The provision enables secured creditors in taking possession of secured assets.