Final Order 3

Order Details: COPY OF ORDER
Pdf Text: IN THE COURT OF CHIEF JUDICIAL MAGISTRATE, NORTH-
WEST DISTRICT, ROHINI COURTS, DELHI
Ct. Case No.10372/2025
Punjab & Sind Bank .....Petitioner
VS.
Rashmi Mittal & Ors. …..Respondents
ORDER ON APPLICATION FILED UNDER SECTION 14 OF
SECURITISATION AND RECONSTRUCTION OF FINANCIAL
ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT,
2002.
27.05.2025
Present: Ms. Tanisha Goyal, ld. Counsel for the applicant along
with AR Sh. Pawan Kumar.
Submissions are heard.
Original record are produced. Perused and returned.
1. The present is an application filed under section 14 of the
Securitisation and Reconstruction of Financial Assets and enforcement of
Security Interest Act. 2002 (SARFAESI Act), which has since been
amended vide the Enforcement of Security Interest and Recovery of
Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016
(12.08.2016).
2. The petitioner being a secured creditor seeks assistance of the
undersigned in taking possession and control of the secured asset, which
is stated to be within the territorial jurisdiction of the undersigned. The
respondents are stated to be the borrowers/ guarantors/mortgagors within
the contemplation of SARFAESI Act. It is submitted that the property as
mentioned in the application is a secured asset upon which security
interest was created by the borrowers to secure repayment of the financial
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assistance extended by the petitioner/applicant. The borrowers committed
default in repayment of the financial assistance and their account was
classified as non-performing asset. Subsequently, statutory notice in
writing under section 13(2) of SARFAESI Act was served upon the
borrowers requiring them to discharge their liability in full within sixty
days, also detailing the amount payable and the secured assets intended to
be enforced in the event of non-payment of secured debts.
3. It has been informed that despite service of notice, no
objection or representation was received by the petitioner from anyone.
However, the borrowers have failed to make the payment despite lapse of
stipulated period.
4. It is then submitted that there is no stay by any competent
court or forum in favour of the respondents.
5. It may be noted that the property is stated to be in possession
of the borrowers / guarantors and not favour of any lessee (under any
valid or invalid or doubtful lease) or any other person.
6. After insertion of Section 17(4A) which provides that DRT
has powers to decide the claims of tenancy or leasehold rights over a
secured asset, CJM has no jurisdiction to go into the question as to who is
presently in physical possession of the property in question. Reliance
being placed on the judgment passed by the Hon'ble High Court of Delhi
in Cholamandalam Investment and Finance Company Limited vs. Rajeev
Chawla & Anr. dated 22.10.2021.
7. The original documents have been perused as mentioned in
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the application and as supported by the affidavit as required by the first
proviso to section 14(1) of SARFAESI Act. It states that all the
provisions of SARFAESI Act have been complied with by the petitioner.
8. The property (secured asset) is an immovable property
described as “Entire Ground Floor Without Roof Rights of Free – Hold
Built – UP Property Bearing No.215, Area Measuring 32.00 Sq. Mtrs.,
Pocket-02, Sector-24, situated in the Layout Plan of Rohini Residential
Scheme, Rohini Delhi-110085 vide Sale Deed Registration No.3492
Book No.1, Vol. No.481 on Pages 28 to 37 dated 24.11.2015 in the Office
of Sub Registrar VI D Rohini, New Delhi standing in the name of Mrs.
Rashmi Mittal W/o Mr. Pawan Mittal. Property Bounded as under: East-
Plot No.226, West-Entry, North-Plot No.216 and South-Plot No.214”.
The description is same in security agreement and the title documents.
It is within territorial jurisdiction of this court. It is stated to be in the
name of respondent. The original title documents and copies of previous
chain of documents in respect of said property are with the petitioner
thereby creating an equitable mortgage. The amount due is not less than
twenty percent of the principal amount and interest as per clause G) and
the property is not the one hit by other clauses of section 31 of
SARFAESI Act. Sixty-days' notice given under section 13(2) of
SARFAESI Act has been seen, giving details of outstanding amount and
details of secured asset, along with original postal receipt and the
newspaper publication. The petitioner states that no objections have been
received from anyone and that the borrower has failed to repay the
outstanding amount in full.
9. As all such requirements have been fulfilled, it becomes
mandatory for the undersigned being the Chief Judicial Magistrate to
order taking possession of the assets mortgaged with the petitioner and
the documents related thereto, and forward the same to the secured
creditor. As per section 14, the court may take or cause to be taken such
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steps as use of cause to be used such force as may be necessary.
10. In view of this position, I hereby appoint Advocate Mr.
Maulik Narang, Enrollment No.D/1293/2021, Office at D7/77, Near
Mother Birma Public School Dayalpur, Delhi-110094, M.
No.9560136295 as Receiver to take the physical possession of the
secured asset, that is, immovable property described as “Entire Ground
Floor Without Roof Rights of Free – Hold Built – UP Property Bearing
No.215, Area Measuring 32.00 Sq. Mtrs., Pocket-02, Sector-24, situated
in the Layout Plan of Rohini Residential Scheme, Rohini Delhi-110085
vide Sale Deed Registration No.3492 Book No.1, Vol. No.481 on Pages
28 to 37 dated 24.11.2015 in the Office of Sub Registrar VI D Rohini,
New Delhi standing in the name of Mrs. Rashmi Mittal W/o Mr. Pawan
Mittal. Property Bounded as undder: East-Plot No.226, West-Entry,
North-Plot No.216 and South-Plot No.214”.
11. The Receiver shall give possession notice to the Authorized
Officer of the secured creditor and the borrower, to be served personally /
speed post at least fifteen days in advance. A copy of such fifteen-days'
advance notice shall also be affixed on the main door or other
conspicuous part of the said property. A copy of this order be also affixed
along with such notice and photographs be also taken as proof of the
same.
12. After expiry of the notice, the receiver shall take aforesaid
possession of the property. The entire proceedings shall be recorded,
photographed or video-graphed as per the demand of the situation. The
Receiver shall be empowered to break open the locks, doors, windows,
shutters and to remove any other kind of obstruction, if required, for
taking possession of the property. In such eventuality, the Receiver shall
prepare an of the inventory articles found lying therein, which shall be
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duly signed by the witnesses. Copies of the inventory shall be handed
over to the borrowers if present at the site under acknowledgment and
also to the Authorized Officer of the petitioner.
13. After taking over the possession of the aforesaid assets, the
Receiver shall forward the same to the petitioner through its authorized
officer. The Receiver shall exercise all due care and caution and not to
violate the orders of any Court of forum relating to the aforesaid property.
14. The petitioner shall furnish all necessary details to the
Receiver and would extend full co-operation for the purpose of execution
of this order. The SHO of the concerned PS is also directed to provide
police assistance to the Receiver to ensure smooth execution of this order.
15. The fee of the Receiver is fixed at Rs.45,000/- (Rupees
Fourty Five Thousand) which should be paid in advance within 07 days
from today. All miscellaneous and incidental expenses shall be borne by
the petitioner. TDS, if any, shall not be included in the Receiver's Fee.
16. The Receiver shall file his report along with photographs/
video, CD, documents if any, inventory prepared if any, immediately after
execution of order.
17. For removal of doubts, it is made clear that
objections/applications, if any, may be preferred by any borrower,
guarantor, mortgagor, lessee or any other aggrieved person before the
Debt Recovery Tribunal having jurisdiction, as per the amended
provisions of section 17 of SARFAESI Act.
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18. A copy of this order be given to the petitioner bank and the
Receiver. Reader/Ahlmad of this Court is directed to inform
telephonically the Court appointed Receiver.
19. No further proceedings are required by the undersigned on
this application. File be consigned to the Record Room.
Announced in open Court
on 27th May, 2025 (VASUNDHRA CHHAUNKAR)
Chief Judicial Magistrate,
North-West District, Rohini Courts, Delhi
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