For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]
7 years, 2 months ago

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]

Live Law  

In an important judgment, the Bombay High Court has held that for the purposes of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the District Magistrate or the Chief Metropolitan Magistrate is not a persona designata and the Additional District Magistrate or Additional Chief Metropolitan Magistrate has the same. In an important judgment, the Bombay High Court has held that for the purposes of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the District Magistrate or the Chief Metropolitan Magistrate is not a persona designata and the Additional District Magistrate or Additional Chief Metropolitan Magistrate has the same judicial powers. Section 14 of the SARFAESI Act requires the Chief Metropolitan Magistrate or District Magistrate to assist a secured creditor in taking possession of secured asset. The court accepted Saraf’s argument that on two separate occasions, the high court has issued a notification authorising the Additional Chief Metropolitan Magistrate to discharge all functions of the Chief Metropolitan Magistrate.

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History of this topic

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC
11 months ago

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has made it clear that the District Magistrate under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is only an executing functionary and not empowered to make any adjudication on the application made by the creditors for taking possession of the secured assets.Observing. The Punjab …

SARFAESI Act | MP High Court Issues Guidelines To Magistrates For Expeditious Disposal Of S.14 Applications Moved By Secured Creditors
1 year, 4 months ago

SARFAESI Act | MP High Court Issues Guidelines To Magistrates For Expeditious Disposal Of S.14 Applications Moved By Secured Creditors

Live Law  

Madhya Pradesh High Court has recently taken serious note of the inaction by Chief Judicial Magistrates on applications under Section 14 of the SARFAESI Act. While allowing the application filed by the secured creditor, the court also underscored that there are only two aspects that a Chief Judicial Magistrate must consider before passing an order u/S 14 of the SARFAESI …

S.14 SARFAESI Act | District Magistrate Can Delegate Powers To Executive Magistrate To Take Possession Of Secured Assets: Calcutta High Court
2 years, 6 months ago

S.14 SARFAESI Act | District Magistrate Can Delegate Powers To Executive Magistrate To Take Possession Of Secured Assets: Calcutta High Court

Live Law  

In an important decision delivered today, the Calcutta High Court has held that step taken under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 while taking possession of the secured assets is a ministerial step and hence, the Chief Metropolitan Magistrate or the District Magistrate need not go personally to take …

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20
3 years, 6 months ago

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20

Live Law  

The Supreme Court will hear on October 20th plea filed by State Bank of India challenging the Punjab and Haryana High Court's decision that Prevention Of Money Laundering Act prevails over the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act A Bench comprising Justice AM Khanwilkar, Justice Dinesh Maheshwari and Justice. The Supreme Court will hear …

Breaking : Chief Judicial Magistrates Competent To Entertain Applications U/s 14 SARFAESI Act: SC [Read Judgment]
5 years, 6 months ago

Breaking : Chief Judicial Magistrates Competent To Entertain Applications U/s 14 SARFAESI Act: SC [Read Judgment]

Live Law  

In an important judgment, the Supreme Court has held that a Chief Judicial Magistrate is equally competent to deal with the application moved by the secured creditor under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.In this case viz. In an important judgment, the Supreme Court has held that a Chief Judicial …

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]
5 years, 9 months ago

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]

Live Law  

The Kerala High Court has held that Additional Chief judicial Magistrate will have jurisdiction to entertain an application filed under Section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. SC Expected To Solve The Confusion Recently, granting leave to directly appeal against a similar order passed by Additional Chief Judicial Magistrate, Ernakulam, the …

Whether Chief Judicial Magistrate Has Jurisdiction To Entertain Applications U/s 14 SARFAESI Act? SC To Examine
5 years, 10 months ago

Whether Chief Judicial Magistrate Has Jurisdiction To Entertain Applications U/s 14 SARFAESI Act? SC To Examine

Live Law  

Granting leave to directly appeal against Chief Judicial Magistrate's order, the Supreme Court noted that there are conflicting views by different High Courts with regard to the jurisdiction of the Chief Judicial Magistrate under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. In that case, it was also noted that Calcutta, Bombay …

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]
7 years, 2 months ago

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]

Live Law  

In an important judgment, the Bombay High Court has held that for the purposes of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the District Magistrate or the Chief Metropolitan Magistrate is not a persona designata and the Additional District Magistrate or Additional Chief Metropolitan Magistrate has the same. In an important …

SC To Examine CJM’s Power To Entertain Applications Under Sec. 14 Of SARFAESI Act
7 years, 3 months ago

SC To Examine CJM’s Power To Entertain Applications Under Sec. 14 Of SARFAESI Act

Live Law  

The Supreme Court will examine the jurisdiction of Chief Judicial Magistrate to entertain the application filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in PM Kelukutty & Others vs Young Men’s Christian Association.While considering the special leave petition against the Kerala High Court. While considering the special leave petition …

CJM working in non-metropolitan area can assist secured creditor to take possession: Allahabad HC [Read Judgment]
8 years, 6 months ago

CJM working in non-metropolitan area can assist secured creditor to take possession: Allahabad HC [Read Judgment]

Live Law  

It observed that the nomenclature 'Chief Metropolitan Magistrate' used by the legislature in Section 14 of the SARFAESI Act, 2002, includes Chief Judicial Magistrate functioning in non-metropolitan area and shall have jurisdiction to entertain an application made under Section 14 of the Act.The Allahabad High Court in Abhishek Mishra vs State Of U.P. It observed that the nomenclature 'Chief Metropolitan …

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