BANK OF BARODA ROSAR BRANCH SURAT vs M/S SHIVAM MARKETING SOLE PROPRIETORSHIP FIRM OF KAMLESH RAOJIBHAI KONDE

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The Hon'ble Supreme Court in "Standard Chartered Bank v.

V.

Noble Kumar" reported in (2013) 9 SCC 620 has held as under; Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 ­ S.13(4), 14, 15,17 ­ Security Interest (Enforcement) Rules, 2002 ­ R.

8 ­ loan ­ mortgage on property ­ secured assets ­ respondent no.1 is a guarantor of the borrower to loan transaction whereby respondent no.2 borrowed a loan from appellant ­ notice u/s.

13 (2) of SARFAESI Act issued to respondent no.1 and 2 ­ failure to repay loan ­ even no objection raised to the notice ­ appellant resorted remedy u/s.

14 of the Act for the possession of the secured asset ­ respondent no.1 challenged the proceedings before the High Court wherein the succeeded ­ whether permitting the creditor to invoke S.14 without firt resorting to the procedure u/s.13 (4) whould deprive the owner of the secured asset an appourtunity to prefer an "appeal" to have his grievances adjudicated ­ held, secured creditor may intially resort to the procedure u/s.

13(4) and on facing resistance, he may still approach the Magistrate u/s.

14 ­ secured creditor is entitled to take possession of the secured assets ­ assistance of judicial power for obtaining possession of the secured assets ­ not mandatory for the secured creditor to make an attempt to obtain possession 3 on his own before approaching the Magistrate u/s.

14 of the Act ­ borrower's remedy u/s.

17 of the Act by way of Appeal.

2)..

The Hon'ble Supreme Court has in Indian Bank v.

D.Visalakshi repoorted in (2019) 20 SCC 47 held as under; 52. under; 52.

Applying the principle underlying this decision, it must follow that substitution of functionaries (CMM as CJM) qua the administrative and executive or so to say non­judicial functions discharged by them in light of the provisions of the Code of Criminal Procedure, would not be inconsistent with Section 14 of the 2002 Act; nay, it would be a permissible approach in the matter of interpretation thereof and would further the legislative intent having regard to the subject and object of the enactment.

That would be a meaningful, purposive and contextual construction of Section 14 of the 2002 Act, to include CJM as being competent to assist the secured creditior to take possession of the secured asset.

54.

To sum up, we hold that CJM is qually competent to deal with the application moved by the secured creditor under Section 14 of the 2002 Act. s&f VZHNFZ[ ZH] SZ[,F TDFD N:TFJ[HMG[ wIFG[ ZFBTF ;FDFJF/FVM ,MGGL ZSD EZ5F.

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