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Issues: Whether a direction should be issued to the concerned Magistrate to conclude the pending proceedings under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 within a stipulated time.
Analysis: The grievance was confined to pendency of the application filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In view of the limited request for timely disposal, the petition was considered fit for issuance of a direction to the concerned Court to make all endeavours to conclude the pending proceedings within the statutory period.
Conclusion: A direction for expeditious conclusion of the pending proceedings was issued in favour of the petitioner.
Final Conclusion: The petition was disposed of by directing the concerned Court to take steps for timely completion of the pending proceedings under the SARFAESI framework.
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