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TMI Blog2007 (4) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... rit, order or direction to quash and set aside the impugned judgment and order passed by the District Magistrate, Vadodara-respondent No. 3 herein M.A.G. Vashi No. 776 of 2006 dated 28-6-2006 and to pass further order directing respondent No. 3 to pass fresh decision on the application under Section 14 of the Securitisation Act. (C) Pending admission and final disposal of the petition, this Hon'ble Court may be pleased to direct respondent Nos. 1 and 2 to furnish some securities for dues of the Bank before this Hon'ble Court which may be deemed fit in the interest of justice and grant appropriate interim relief looking to the special facts and circumstances of the present case and nature of the petition. (D) Such other and fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... session of any secured assets is required to be taken by the secured creditor or if any of the secured assets is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him- (a) take possession of such assets and documents relating thereto; and (b) forward such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he District Magistrate or the Chief Metropolitan Magistrate including use of force as may be necessary. The said authority, namely, the Chief Metropolitan Magistrate or the District Magistrate is not vested with any adjudicatory powers. There is no other provision under the Securitisation Act in exercise of which the said authority, who is approached by a secured creditor, can undertake adjudication of any dispute between the secured creditor and the debtor or the person whose property is the secured asset of which possession is to be taken. If such adjudicatory powers were to be vested in the authority, the Securitisation Act would have made a specific provision in this regard. 7. Section 13(4) of the Securitisation Act provides for var ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be taken in pursuance of any power conferred under the Securitisation Act. Thus, the legislative scheme is clear : Sections 17 and 18 provide for a statutory remedy before the Tribunal and the appellate Tribunal, while simultaneously civil Court and any other authority are prohibited from dealing with, the subject-matter which can be exclusively determined by the Tribunal. 9. Hence, the authority who is called upon to act under Section 14 of the Securitisation Act can only assist, nay, is bound to assist the secured creditor in taking possession of the secured asset. Any dispute between the parties regarding the secured asset raised before the authority cannot be gone into by the authority; the authority has to relegate the aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X
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