Supreme Court of India
M/s R. D. Jain and Co. v. Capital First Ltd. & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the powers under Section 14 of the SARFAESI Act can be exercised by the concerned Additional Chief Metropolitan Magistrates of the area having jurisdiction and also by the Additional District Magistrates, who otherwise are exercising the powers at par with the concerned District Magistrates either by delegation and/ or special order.
Judgment, page 23
From the headnote
Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act, 2002 – ss. 13(4), 14 – Chief Metropolitan Magistrate (CMM) shall deem to mean and include Additional Chief Metropolitan Magistrate (ACMM) – The respondent (secured creditor) instituted proceedings under the SARFAESI Act for recovery of the amount due and payable by the appellant (borrower) – The borrowers refused to handover the physical possession of security asset – Secured creditor filed an application u/s 14 of the SARFAESI Act praying for assistance from the CMM in taking physical possession of…
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