ICICI HOME FINANCE LIMITED Vs. STATE OF HARYANA

JUDGEMENT

(1.) The petitioner - financial institution is before this Court invoking writ as well as supervisory jurisdiction under Article 226 of the Constitution of India, being aggrieved by in-action on the part of District Magistrate, Charkhi Dadri (respondent No.2) to decide the application dtd. 23/10/2024 (Annexure P-7) submitted by the petitioner under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'SARFAESI Act'), which is pending for the last about ten months.

(2.) It is stated in the application dtd. 23/10/2024 that respondents No.3 and 4 herein availed a loan facility of Rs.18,00,000.00 from the petitioner, and upon default in repayment, the account was classified as Non-Performing Asset (NPA) on 4/12/2023, whereafter demand notice dtd. 9/12/2023 (Annexure P-4) under Sec. 13 (2) of the SARFAESI Act was duly served upon the respondents - borrowers, calling upon them to discharge their liability within a period of sixty days. The respondents - borrowers failed to comply with the said demand notice and accordingly, the petitioner - secured creditor proceeded to take recourse to measures under Sec. 13 (4) of the SARFAESI Act by issuing possession notice dtd. 7/9/2024 (Annexure P-5) and whereafter filed application (Annexure P-7) under Sec. 14 of the SARFAESI Act on 23/10/2024.

(3.) The Apex Court in R.D. Jain and Co. Vs. Capital First Limited and others, (2023) 1 SCC 675, while explaining the width and ambit of jurisdiction under Sec. 14 of SARFAESI Act held thus :