YES BANK LTD. Vs. STATE OF HARYANA

JUDGEMENT

(1.) The present petition has been filed by the petitioner Bank, aggrieved by non-execution of the order dtd. 4/1/2024 (Annexure P-4) passed by District Magistrate, Jhajjar (respondent No.2) under Sec. 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'SARFAESI Act').

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

(3.) It is surprising that respondents No.2 to 4 have failed to discharge their statutory duty of assisting and handing over physical possession of the secured asset to the petitioner Bank, provided there is no legal impediment of any judicial forum under SARFAESI Act. 3.1 Non Performing Assets (NPA) are a huge burden on the public exchequer and banking and financial system, and, thus, prompt enforcement under the SARFAESI Act is paramount for liquidity in the system.