When the application came up for hearing today, and when the contents of the reports of Chief Judicial Magistrate Court, Ernakulam that no affidavit as contemplated under Section 14(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been filed along with the petition, the Senior Counsel appearing for the bank submitted that no such affidavit has been filed and it is a defect and it is a mandatory one. So, the Counsel submitted that the proceedings before the Chief Judicial Magistrate may be quashed with liberty for the bank to proceed against the petitioner after complying with the procedure in accordance with law.
The above submission of the Senior Counsel appearing for the bank has been recorded and the petition is allowed and the proceedings initiated on the basis of Crl.M.P.No.1110/13 by the bank under Section 14 of the above Act pending before Chief Judicial Magistrate Court, Ernakulam is quashed with liberty for the bank to initiate further action against the Crl.M.C.No.3568 of 2013 : 2 :
petitioners in accordance with law.
With the above observation and direction, the petition is disposed of.
Office is directed to communicate this order to the concerned court immediately.
Sd/-
K.Ramakrishnan, Judge.
Bb [True copy] P.A to Judge