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TMI Blog2015 (2) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... er shall not preclude the appellant-Bank from taking appropriate steps under the SARFAESI Act, 2002 in accordance with law. The appeal is accordingly dismissed. - F. M. A. T. 1835 of 2014, (CAN 12566 of 2014), Stay (CAN 12578 of 2014) - - - Dated:- 5-2-2015 - Manjula Chellur, Chief Justice and Joymalya Bagchi, J. Ms. Aparajita Rao, Mr. V. R. Rao for the Appellant. Mr. Ranjan Kali, Ms. Mitul Chakraborty for the Respondent. JUDGEMENT Re : CAN 12566 of 2014 It appears from the Additional Stamp Reporter s report dated 15th January, 2015 that there is delay of 47 days in filing the appeal. Considering the averments made in the application and upon hearing the learned advocates for the parties, the delay is condoned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 14 authorises the Magistrate only to take possession of the property and forward the asset along with the connected documents to the borrower (sic the secured creditor). Therefore, the borrower is always entitled to prefer an appeal under Section 17 after the possession of the secured asset is handed over to the secured creditor. Section 13 (4)(a) declares that the secured creditor may take possession of the secured assets. It does not specify whether such a possession is to be obtained directly by the secured creditor or by resorting to the procedure under Section 14. We are of the opinion that by whatever manner the secured creditor obtains possession either through the process contemplated under Section 14 or without resorting to su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided under Section 14 of the Act viz. making application to the Magistrate. The Magistrate will scrutinise the application as provided under Section 14 (1-A) to take possession of the assets and documents. For that purpose the Magistrate may authorise the officer concerned to use such force as may be necessary. After the posse3ssion is taken the assets and documents will be forwarded to the secured creditor. 36.3 (iii) The third situation will be one where the secured creditor approaches the Magistrate concerned directly under Section 14 of the Act. The Magistrate will thereafter scrutinise the application as provided in Section 14, and then if satisfied, authorise a subordinate officer to take possession of the assets and documents an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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