SHIVPAM AGROFOODS PRIVATE LIMITED Vs. ALLAHABAD BANK

JUDGEMENT

(1.) The challenge in the present writ petition is to the memo No.DM/MA/15/1365-67 dated 23/27.01.2015 issued by the District Magistrate directing the Tehsildar (Revenue), Union Territory, Chandigarh to take physical possession of House No.3166, Sector 23 D, Chandigarh.

(2.) The petitioner has availed financial assistance from the respondent-Bank in terms of the sanction letter dated 19.03.2010 issued. The petitioner has furnished primary and collateral securities. The primary security is plant and machinery of the firm M/s Shivpam Agrofoods Pvt. Ltd. whereas the house in question is a collateral security.

(3.) The respondent-Bank initiated proceedings under the Securitization and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002 (for short 'the Act') when it served notice dated 03.10.2012 under Section 13(2) of the Act and notice dated 21.12.2012 under Section 13(4) of the Act. Admittedly, the petitioner has not availed the remedy contemplated under Section 17 of the Act before the Debts Recovery Tribunal against the action taken under Section 13(4) of the Act. The respondent-Bank also submitted an application under Section 14 of the Act along with an affidavit for police help to the District Magistrate. In the said application, the District Magistrate has passed the impugned order which is challenged in the present writ petition.