Final Order 4

Order Details: COPY OF ORDER
Pdf Text: IN THE COURT OF MS. UPASANA SATIJA,
LD. CHIEF JUDICIAL MAGISTRATE, NORTH-WEST DISTRICT,
ROHINI COURTS, DELHI
Ct. Case No.28183/2025
Punjab And Sind Bank .....Petitioner
VS.
Deepak Fuel Pvt. Ltd & Ors .....Respondents
ORDER ON APPLICATION FILED UNDER SECTION 14 OF
SECURITISATION AND RECONSTRUCTION OF FINANCIAL
ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT,
2002.
13.01.2026
Fresh application under Section 14 of SARFAESI Act
received. It be checked and registered.
Present: None for the applicant.
1. The present application is filed under section 14 of the
Securitisation and Reconstruction of Financial Assets and enforcement
of Security Interest Act, 2002 (hereinafter referred as ‘SARFAESI
Act’).
2. It is stated in the application that the applicant is a
secured creditor. The respondents are stated to be the borrowers as
defined in Section 2(1)(f) of SARFAESI Act. It is submitted that the
property as mentioned in the application i.e. “Equitable mortgage of
entire 2nd Floor with roof rights, plot no.95, Block B, area 147.2 sq.
mtr, situated in the layout plan of ministry of commerce and industries
co-operative house building society ltd known as Pushpanjali Enclave,
Pitampura, Delhi 34 which is bounded as East Road 9 mtrs wide,
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West- Service Lane, North- Service lane, South- Plot no. B94 as per
title deed no. 4977 dated 5th May 2000 registered in the Office of the
Sub Registrar, Sub-Distt. No. VI- Delhi and recorded / entered in
Book No. I, Volume No. 1027, Pages 32 to 42, Being No. 4977 for the
year 2000. Boundaries of property : North : Service Lane, South : Plot
No. B94, East : Road 9 mtrs, West : Service Lane” is a secured asset
upon which security interest was created by the borrowers to secure
repayment of the financial assistance extended by the 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 but the borrowers have failed
to make the payment despite lapse of stipulated period.
3. As per the applicant, there is no pending objection or
representation received from the borrower.
4. It is further submitted that there is no stay by any
competent court or forum in favour of the respondents.
5. Affidavit of the Authorized Officer of the secured
creditor, as required by proviso of Section 14(1) of the Act, has also
been filed. The affidavit discloses the extent of financial assistance
granted and the claim of the Finance Company as on the date of filing
the application. It reiterates the aforenoted pleas and fulfils the
requirements of the said proviso.
6. Original documents relied upon by the applicant were
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produced for the inspection of the court. After inspection, the original
documents were returned. I have heard arguments advanced by the Ld.
Counsel for the secured creditor and have perused the application,
affidavit of authorized officer, title deeds of the asset and other
supporting documents.
7. Section 14 of the Act enjoins the Chief Judicial
Magistrate to pass ‘suitable orders’ for taking possession of the
secured asset and to forward it to the secured creditor. It further vests
the Magistrate with powers to take all necessary steps and to use force
for compliance of its order.
8. The aforenoted assertions of the applicant, duly
supported by affidavit and documents, demonstrate that the
respondents had availed financial assistance from the applicant, that
the respondents had created security interest on the asset, that the
respondents defaulted in repayment of the loan, that the loan account
was declared non-performing asset, that the respondents failed to pay
the outstanding loan amount even after receiving notice under section
13 (2) of the Act which afforded a period of sixty days to do so and
that there is no pending objection or representation of the respondents.
9. Accordingly, the application of the secured
creditor/applicant is allowed. Advocate Sunil Singh, Office at 14, 3rd
Floor Gandhi Square Malka Ganj, Delhi, Enrollment No. D/1821/04,
Mobile No.9015944227, E mail ID : suniladhivakta@gmail.com is
appointed to take possession of the above described.
10. The provisos to Section 14(1) of the Act provide a time
limit for disposal of application under Section 14. This has been done
so that possession of the secured Asset can be obtained by the secured
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Creditor expeditiously. In the case of Cholamandalam Investment and
Finance Company Limited vs. Rajeev Chawla and Ors. CM(M)
No.716/2021 dated 22.10.2021, the Hon'ble High Court held that time
is of essence in proceedings initiated under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002. It was held that the purpose behind the Act will be
frustrated if there are delays in implementing orders passed under the
Act.
11. Accordingly, it is directed that the Receiver will give 15
days advance possession notice to the Authorised Officer of the
Secured Creditor and to the borrowers. The possession notice shall
also be affixed upon the main door or any other conspicuous portion
of the secured Asset. Photographs of the secured Asset with the pasted
possession notice shall be taken and filed by the Receiver alongwith
the report.
12. For securing compliance of this order, the Receiver may
obtain the assistance of the police including women police officials, if
required and take such other steps and use such force as is found
necessary. Police shall render assistance and provide adequate force
for protection of the above named person and of the company
employees involved in recovery of the asset. The Receiver is
empowered to break open locks in case the asset is found locked. The
Receiver shall prepare inventory with regards to the items kept inside
the premises, and hand over one list duly signed by the witnesses and
by the Ld. Court Receiver to the borrower, if present at the site. One
copy of the same duly signed by the witnesses and by the Ld. Court
Receiver will be annexed with his report. Photographs of the locked
premises before take over and after take over and photographs of the
items kept inside the premises shall also be taken by the Ld. Court
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Receiver and be annexed with the report. Broken locks, if any, shall be
sealed in cloth pulanda and be deposited with concerned applicant.
Miscellaneous expenses on this account shall be borne by the
applicant. After taking over the subject property, it be handed over to
the authorised officer of the applicant. The expenses on this account
shall be borne by the applicant and photographs be enclosed with the
report. Accompanying witnesses shall sign the proceedings.
13. The fee of the Ld. Court receiver is fixed at Rs.80,000/-
(Rupees Eighty Thousand only) to be paid by the applicant company
and the same shall be paid to the Ld. Court Receiver within seven
days from today. TDS, if any, shall not be included in the Receiver’s
fee. The applicant would furnish all necessary details of the aforesaid
property and borrower to the Receiver within 3 days of this order and
would extend full cooperation to the Receiver for execution of this
order.
14. Report of compliance of the above stated directions shall
be filed in the court within one month from today.
15. If the recovery proceedings are stayed by order of Debt
Recovery Tribunal or other fora, and in case the stay order is
subsequently vacated or the applicant is granted liberty to recover
possession of the property, the mandate of the Receiver to recover
possession would stand extended and the Receiver shall be at liberty
to recover possession of the secured asset and to hand it over to the
applicant Finance Company notwithstanding the expiry of aforesaid
period of one month. For this purpose, the applicant Finance Company
may itself contact the Receiver and the Receiver shall recover
possession on the same terms as are mentioned in this order. There
shall be no need for the applicant Finance Company to approach this
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court for extension of time or other directions. However, if the
applicant Finance Company, of its own, decides not to recover
possession, it shall apply to this court to terminate the mandate of the
Receiver and it shall not be lawful for it to itself instruct the Receiver
to refrain from or to delay the recovery of possession. In case there is
delay on the part of the applicant in compliance with this order, the
same shall be explained by the applicant Finance Company by
affidavit of the Authorized Officer.
16. Nothing stated in this order shall be construed as a
finding of liability or a judicial determination of the issues in
contention between the parties.
17. Since the directions sought by the applicant have been
passed, nothing survives in the matter. Let file be consigned to record
room after receiving compliance report.
Copy of this order be given dasti to the Ld. counsel for
the applicant. The Reader/Ahlmad shall send a copy of this order to
the Receiver by e-mode within two working days from today.
Announced in open Court
on 13th January, 2026
(UPASANA SATIJA)
Chief Judicial Magistrate,
North-West District, Rohini Courts, Delhi
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