High CourtsDivision Bench

Ms. Surya Polymers & Others vs Kotak Mahindra Bank Limited

Madhya Pradesh High Court · Decided on 15 November 2021 · Citation: (2021) 11 MP CK 0071

HON’BLE JUDGES
Sujoy Paul, J · Shailendra Shukla, J
ACTS & SECTIONS REFERRED
Securitization And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 — Section 14
RESULT
Disposed Of
CASE NUMBER
Writ Petition No. 24944 Of 2021
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Judgment

10 paragraphs · 219 words

Shailendra Shukla, J

Learned counsel for the petitioner submits that the District Magistrate by invoking powers under Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 passed the order dated 28.01.2021. The petitioner has already filed SA No.425/2021 before the DRAT, Jabalpur on 15.03.2021. In furtherance of the aforesaid order of District Magistrate, the Tehsildar in between initiated action against which the petitioner filed an interim application before the Tribunal but the Tribunal is not functional in Madhya Pradesh at present. Thus, the petitioner may be protected.

The prayer is reasonable.

In similar matters, we have protected the petitioners till the time tribunal become functional and takes care of the application.

This petition is disposed of on following terms:

(I) the petitioner shall produce copy of this order before the respondent and the Tribunal within seven working days from today, failing which, interim relief will come to an end automatically.

(II) The Tribunal soon after becoming functional, shall take up the said application and decide it in accordance with law expeditiously.

(III) Subject to the aforesaid, till the application is decided, no coercive action be taken against the petitioner pursuant to the impugned order.

The petition is disposed of without expression any opinion on the merits of the case.

Certified copy, today.