- (1.) M/s Pragati Hightech Products Pvt. Ltd. borrower from respondent no.3 Oriental Bank of Commerce has invoked writ jurisdiction of this Court under Article 226 of the Constitution of India impugning order dated 21.05.2012 (Annexure P-7) passed by District Magistrate (respondent no.1) and notice dated 30.05.2012 (Annexure P-8) issued by Tehsildar (respondent no. 2).
(2.) Respondent no.3 Bank has initiated proceedings under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the Act) for taking possession of the secured assets. The petitioner is already said to have filed appeal under Section 17 of the Act before Debts Recovery Tribunal (in short the Tribunal), but interim stay has not been granted to the petitioner.
(3.) Respondent no.3 moved respondent no.1 District Magistrate under Section 14 of the Act to take over physical possession of the secured assets. Accordingly, respondent no.1 has passed order Annexure P-7 addressed to Tehsildar respondent no.2 for taking possession of the secured assets/mortgaged property and to hand over the same to respondent no.3 Bank. Pursuant thereto, respondent no.2 Tehsildar has issued notice Annexure P-8 to the petitioner for handing over possession of the secured assets, failing which the possession would be taken by breaking open the locks, if necessary.;