- (1.) Both the aforesaid writ petitions having been connected with each other have been heard analogously and are being decided by this common judgement and order having binding effect in both the matters.
(2.) First of all, let us have the brief facts to understand the controversy involved in these writ petitions.
(3.) Civil Misc. Writ Petition No. 50688 of 2011 (in short called as "first writ petition") has been filed by the petitioner herein i.e. Asset Reconstruction Company (India) Limited (hereinafter referred to as the "petitioner company") claiming itself to be the secured creditor of the respondent nos. 1 and 2 companies, namely, Shamkeen Multifab Limited and Shamkeen Cotsyn Limited (hereinafter referred to as the "respondent company"). When the respondent company made default in repayment of outstanding dues, the petitioner company served notices under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter in short called as the "SARFAESI Act") upon the respondent company. The respondent company having failed to comply with the notice within the prescribed period, the petitioner company proceeded to take possession of the secured assets of respondent company in exercise of the powers conferred under Section 13 (4) of the SARFAESI Act. Subsequent thereto, the petitioner company filed applications under Section 14 of the SARFAESI Act before the concerned District Magistrate for taking physical possession of the secured assets of respondent company. On the aforesaid applications under Section 14 of the SARFAESI Act, the concerned Additional District Magistrate by its orders dated 24th March, 2011/04th August, 2011 directed the concerned Sub-Divisional Magistrate and Police Officer to take physical possession of the secured assets and handover the same to the petitioner company. However, by a further order dated 17th August, 2011 the concerned Additional District Magistrate directed the concerned Sub-Divisional Magistrate to stay the execution of the aforesaid orders dated 24th March, 2011/04th August, 2011 till the enquiry is completed in the matter or till further orders are passed. Against this background, the first writ petition has been filed by the petitioner company seeking direction upon the respondents to execute the order dated 24th March, 2011 and 04th August, 2011 and handover the secured assets of the respondent company, with a further prayer to direct the respondent authorities to set aside the order dated 17th August, 2011. Such writ petition was filed on 01st September, 2011.;