Decided on October 13,2017

Kishore Shankar S/O Late Shankaran Appellant
The Karur Vysyabank Ltd Respondents


A.HARIPRASAD, J. - (1.) Heard the learned counsel for the petitioner and the learned counsel appearing for the first respondent. Learned Public Prosecutor is also heard.
(2.) Petitioner has approached this Court seeking the following reliefs : "1. To call for the records leading to Exhibit P1 to P5 and set aside Exhibit P5 order passed in Exhibit P4 application and thereby recall or set aside the order passed by the Chief Judicial Magistrate Court by appointing Advocate Commissioner in Exhibit P1 application accompanied with Exhibit P2 affidavit filed by the 1st respondent bank pending before the CJM Court, Ernakulam. ii. To declare that the Exhibit P1 application is not maintainable as it is filed without complying the statutory mandates; iii. To grant such other reliefs as this Hon'ble court deems fit and proper and to grant in the facts and circumstances of the case."
(3.) Petitioner is the first respondent in CMP No.2960 of 2015 on the file of the Chief Judicial Magistrate Court, Ernakulam, an application filed by the first respondent under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (in short ' SARFAESI Act '). The petitioner availed a housing loan of Rs.20 Lakhs from the first respondent bank on 1-11-2012 to purchase a residential apartment. It is the case of the first respondent that despite giving various opportunities, the petitioner did not clear off the liability and hence the bank initiated proceedings against him under the SARFAESI Act , by issuing notice under Section 13(2) of the SARFAESI Act. Thereafter, they approached the Chief Judicial Magistrate Court, Ernakulam and an Advocate Commissioner was appointed for taking physical possession of the secured asset. The petitioner would contend that the whole actions are illegal for want of compliance of mandatory provisions in Section 14 of the SARFAESI Act.;

Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.