Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The HC ruled that the CJM possesses authority to extend the period of Writ of Commission beyond the initial 90-day limit for taking possession of secured assets under Section 14 of the SARFAESI Act, 2002, without requiring financial institutions to file fresh applications. The petitioner financial institution challenged the CJM's practice of refusing extensions and mandating new Section 14 applications after the 90-day period expired. Relying on SC precedent in NKGSB Co-operative Bank Limited v. Subir Chakravarty, the HC held that once an order directing a Court Commissioner to deliver possession is passed, the CJM may grant extensions if execution cannot be completed within the prescribed timeframe. The application was disposed of, affirming the CJM's discretionary power to extend commission periods.
The HC ruled that the CJM possesses authority to extend the period of Writ of Commission beyond the initial 90-day limit for taking possession of secured assets under Section 14 of the SARFAESI Act, 2002, without requiring financial institutions to file fresh applications. The petitioner financial institution challenged the CJM's practice of refusing extensions and mandating new Section 14 applications after the 90-day period expired. Relying on SC precedent in NKGSB Co-operative Bank Limited v. Subir Chakravarty, the HC held that once an order directing a Court Commissioner to deliver possession is passed, the CJM may grant extensions if execution cannot be completed within the prescribed timeframe. The application was disposed of, affirming the CJM's discretionary power to extend commission periods.
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