Final Order 1

Order Details: Order below Ex-1
Pdf Text: IN THE COURT OF THE CHIEF JUDICIAL MAGISTRATE,
ESPLANADE, MUMBAI.
(Presiding Officer Shri. S. S. Budruk)
Securitisation Application No.988/SA/2025
(CNR NO.MHMM11-010621-2025)
The Cosmos Co-op Bank Ltd.
A Society Deemed to be registered under the Multi-
state Co-op.Soc. Act, 2002 and Banking Regulation
Act, having its Head Office at Cosmos Tower, Plot
No. 6, ICS Colony, University Road, having its
Regional Office at Horizon Building, 1st Floor,
Ranade Road & Gokhale Road, Gokhale Road
(North), Dadar (West), Mumbai - 400 028.
Through its Authorized Officer.
... Applicant.
Versus
1. M/s. Jai Shakti Construction & Ors.
A Partnership Firm,
Having registered office:
J.B.Patel School, 218/G-2, Ghanshyam Park,
Jawahar Nagar, Goregoan West, Mumbai 400104
Through its Partners:
a. Mr. Bimal Arvind Panchal
b. Mr. Bipin Ghanshyam Parmar
c. Mr. Ritesh Velji Patel Alias
Mr. Ritesh Veljibhai Jabuani
2. Bimal Arvind Panchal
Flat No. A-402, Badrinath Apartment, Adarsh
Dugdhalay, Marve Road, Near Carmel School, ...Respondents.
-- 1 of 7 --
2 Case No.988/SA/2025.
Malad West, Mumbai 400064.
3. Mr. Bipin Ghanshyam Parmar
Flat No. 701, 7th floor, Ghanshyam Park, Plot No.
211, 3rd/14th Corner, Jawahar Nagar, Goregoan
West, Mumbai 400104.
4. Mr. Ritesh Velji Patel Alias
Mr. Ritesh Veljibhai Jabuani
Flat No. 303, 304, B wing, Veena Geet, Opp Raj
Residency 1, Mahavir Nagar, Kandivli West,
Mumbai 400067.
5. Mr. Sandip Kantilal Panchal
Room No. 05, Laxman Patel Chawl, Orlem Tank
Road, Near Surana Hospital, Malad West, Mumbai
400064. ...Respondents.
Appearance for :-
Applicant:- Ld. Advocate Vijay Chavan.
ORDER BELOW EXHIBIT-1
(Passed on 23.09.2026)
This application is filed under Section 14 of the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (SARFAESI Act) for taking
possession of the secured asset, namely:
“All that piece and parcel of Flat No. 304, 3rd floor, area
admeasuring 580 sq. ft. super built up, B wing, Veena Geet Sangeet
Gangotri Yamnotri co-operative housing society ltd.. situated at C.T.S.
No. 128-A, 46/1, 47, 47/1, 49, 49/1, 50 and 51 of village Kandivli.
Near Bank of India, Mahavir Nagar. Dahanukarwadi, Kandivali West,
Mumbai 400067 within the registration District and Sub-District of
-- 2 of 7 --
3 Case No.988/SA/2025.
Mumbai City AND Mumbai Suburban.”
Brief facts of application are as under :-
2. On the request of Respondents, applicant sanctioned/
granted the Mortgage Overdraft Facility of Rs.50,00,000/- (Rupees
Fifty Lakhs Only) vide Sanction Letter dated 09.12.2022 to the
respondents. It is contended that, the Respondents executed
necessary documents for the repayment of the loan availed; the
Respondents have created security interest over their said asset.
3. The secured asset is situated within territorial jurisdiction
of this Court. Till the date of filing of this application, applicant is
holding a valid and subsisting security interest over secured asset. In
due course, borrowers have committed default in repayment of the
financial assistance as agreed. Thus, the account of the borrower has
been classified as “Non Performing Asset” on 14.05.2024.
4. Then, Demand Notice dated 10.03.2025 U/Sec.13 (2) of
the SARFAESI Act was issued to the respondents, calling upon them
to repay the outstanding amount within 60 days from the date of
service of notice. By said notice the applicant demanded total
outstanding amount of Rs.53,65,999.85 (Rupees Fifty Three Lakh
Sixty Five Thousand Nine Hundred Ninety Nine and Paise Eighty Five
Only). The said demand notice was duly served upon the
respondents. Thus, the said demand notices were duly served upon
the respondents. The respondents nor raised any objection/replied to
the said demand notice. Despite notice, the respondents have failed
to pay the outstanding loan amount within the stipulated 60 days
period. Even thereafter, the respondents have not paid due amount.
Hence, Applicant is constrained to file this application, which is well
-- 3 of 7 --
4 Case No.988/SA/2025.
in limitation. The applicant through its authorized officer has filed
affidavits and stated on oath that, there is no stay or restrain order
passed by any competent Court of law and no case is pending against
the applicant regarding this secured asset.
5. In catena of judgments Hon'ble Supreme Court and
Hon'ble Bombay High Court have settled the position of law that no
notice is required to be issued to borrowers and guarantors when
application Under Section 14 of SARFAESI Act is filed.
6. It is requirement of Section 14 of SARFAESI Act that,
Authorized Officer of applicant financial institute has to file affidavit
containing therein facts mentioned in Section 14(1)(b)(i) to 14(1)(b)
(ix). Accordingly, Authorized Officer has filed Affidavits at Exh.3 and
6. In addition to affidavits, the applicant has also placed on record
certain documents.
7. The court, under Section 14(1A) of the SARFAESI Act,
can authorize a subordinate officer to take possession of secured
asset. However, due to the high volume of cases and the
overburdened staff, it is impractical to do so efficiently. Therefore, the
Court relied upon the judgment of Hon’ble Supreme Court ruling
(NKGSB Co-operative Bank Ltd. Vs. Subir Chakravarty, 2022). On the
basis of above ruling, it will be just to appoint advocate from the Bar
Association as Court Commissioners. Accordingly, advocate Ronel
Franncis Gonsalves, is appointed as Court Commissioner to take
possession of the secured asset. Hence, I pass following order.
ORDER
(I) The application is allowed vide Section 14 of the
-- 4 of 7 --
5 Case No.988/SA/2025.
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002.
(II) Advocate Ronel Franncis Gonsalves, R/o, The Genesis Umrala
(Valambav), Post-Sopara, Nala-Sopara, Tal. Vasai, Dist.
Palghar. (Mob.No.9028612093/7738379495), is hereby
appointed as Court Commissioner to take over possession of
the secured asset i.e. “All that piece and parcel of Flat No.
304, 3rd floor, area admeasuring 580 sq. ft. super built up, B
wing, Veena Geet Sangeet Gangotri Yamnotri co operative
housing society ltd.. situated at C.T.S. No. 128-A, 46/1,
47,47/1, 49,49/1, 50 and 51 of village Kandivli. Near Bank
of India, Mahavir Nagar. Dahanukarwadi, Kandivali West,
Mumbai 400067 within the registration District and Sub-
District of Mumbai City AND Mumbai Suburban.”
(III) The Court Commissioner shall hand over possession of the
secured asset to the applicant through its Authorized Officer,
under panchanama.
(IV) The applicant shall pay Rs.15,000/- (Rupees Fifteen
Thousand Only) towards Court Commissioner’s fee within
30 days from the date of this order.
(V) The Authorized Officer shall furnish full office address,
residential address, mobile number, and landline numbers to
facilitate communication with the Court Commissioner. The
applicant and its Authorized Officer shall not interfere or
delay the execution of this order under the pretext of
settlement talks.
-- 5 of 7 --
6 Case No.988/SA/2025.
(VI) The Court Commissioner shall issue a 15 days advance notice
to the concerned parties before taking possession. The
Commissioner may use necessary force, including breaking
locks, and seek police assistance if required at the applicant’s
expense and if any articles or documents are found in the
secured asset, they must be handed over to the Authorized
Officer after preparing panchanama and taking inventory.
(VII) The Court Commissioner shall submit compliance report
within 90 days of receipt of the Writ of Commission. If any
competent court grants stay, the execution period will
automatically extend without requiring a separate extension
request.
(VIII) If the Court Commissioner is found to have favored any party
to delay possession, appropriate disciplinary action, including
reference to the Bar Council of Maharashtra & Goa, may be
taken.
(IX) If the Court Commissioner fails to execute the possession
warrant due to personal default, the fees received must be
refunded to the applicant along with 18% interest per annum
from the date of receipt.
(X) If any contingency arises in future to refund Court
commissioner fees and Court Commissioner fails to repay it
to applicant, then it is subject to reference to Bar Council of
Maharashtra and Goa for taking appropriate action for
misconduct.
-- 6 of 7 --
7 Case No.988/SA/2025.
(XI) Upon compliance with Clause Nos.IV & V, issue the Writ of
Commission.
(S.S. Budruk)
Chief Judicial Magistrate
Date: 23.09.2026. Esplanade, Mumbai.
Mbc/-
-- 7 of 7 --