(Order of the Court was made by Huluvadi G.Ramesh.J.,) Seeking a direction to the respondents 2 to 5 to implement the order passed by the 1st Respondent in Ref.No.12138/2015/E3 dated 19.01.2016 under Section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act) within the time limit that may be fixed by this Court, the petitioner is before this Court with this writ petition.
2.Heard the learned counsel for the petitioner and the learned Special Government Pleader appearing for the respondents.
3.The petitioner Bank initiated measures against the borrower by name Mr.Sureshram Aathithan. The borrowal was to the tune of Rs.27,00,000/- for cash credit and Rs.19,50,000/- for term loan account. The account was classified as non performing asset and the outstanding amount became Rs.87,97,314.16/- as on 28.02.2015. Therefore, the Bank was constrained to initiate measures under the provisions of SARFAESI Act and the secured asset was sold in favour of the auction purchasers 1.Mrs.Chellammal and 2.Mr.R.Damodharan on 13.03.2015 and registered. The Bank also filed a petition under
Section 14 of the SARFAESI Act before the first respondent for taking physical possession of the secured assets and the same was also ordered as prayed for by order dated 19.01.2016.
4.In view of the facts and circumstances of the case, the writ petition is disposed of with a direction to the respondents 2 and 3 to implement the order passed by the 1st Respondent in Ref.No.12138/2015/E3 dated 19.01.2016 under
Section 14 of SARFAESI Act in accordance with law. No costs.
(H.G.R.J.,) (T.K.R.J.,) 05.06.2017 Speaking order/non speaking order Index:Yes/No jbm To
1. The District Magistrate and District Collector Coimbatore
2. The Commissioner of Police Coimbatore North
3. The Revenue Divisional Officer Coimbatore
4. The Tahsildar Coimbatore North Coimbatore
5. The Inspector of Police Saravanampatti Police Station Coimbatore HULUVADI G.RAMESH.J AND RMT.TEEKAA RAMAN.J jbm W.P.No.10867 of 2017 05.06.2017 http://www.judis.nic.in