9911796707
TMI Blog2012 (6) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bank. Second Respondent shall expeditiously conclude the pending applications. Petition is accordingly disposed of - WRIT PETITION NO. 4344 OF 2011 - - - Dated:- 28-7-2011 - DR. D.Y. CHANDRACHUD AND ANOOP V. MOHTA, JJ. Bhupesh Samant for the Petitioner. R.P. Behre for the Respondent. JUDGMENT Dr. D.Y. Chandrachud, J. - These proceedings have been instituted by the Saraswat Cooperative Bank Limited seeking directions to the Collector and District Magistrate, Sangli, to provide administrative assistance on an expeditious basis under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("Securitisation Act, 2002") for taking possession of the secur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court under Article 226 of the Constitution. 2. On 20 July 2011, this Court, after considering the record, was prima facie of the view that the conduct of the Second Respondent was in clear breach and dis-regard of the law laid down by this Court. The Court observed that the Second Respondent is duty bound to act in accordance with the letter and spirit of the legislation enacted by Parliament under Section 14 of the Securitisation Act, 2002. On the request of the learned AGP an adjournment was granted to enable the First and Second Respondents to file their replies. 3. A reply has been filed by the Residential Naib Tahsildar for and on behalf of the Collector. In the reply, an attempt has been made to deal with each one of the six ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follows :- "1. The bank or financial institution shall, before making an application under section 14 of the NPA Act, verify and confirm that notice under section 13(2) of the NPA Act is given and that the secured asset falls within the jurisdiction of CMM/M before whom application under section 14 is made. The bank and financial institution shall also consider before approaching CMM/DM for an order under section 14 of the NPA Act, whether section 31 of the NPA Act excludes the application of sections 13 and 14 thereof to the case on hand. 2. CMM/DM acting under section 14 of the NPA Act is not required to give notice either to the borrower or to the 3rd party. 3. He has to only verify from the bank or financial institution whether n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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