https://www.taxtmi.com/caselaws?id=458283 Section 14 of the SARFAESI Act requires the Chief Metropolitan Magistrate or District Magistrate to assist secured creditors in taking possession of secured assets after verifying statutory compliance, and the power is ministerial rather than adjudicatory. Emphasising the need for prompt action under the special statute, the Bombay High Court prescribed a 30-day time limit for disposal of section 14 applications in Maharashtra and required implementation of section 14 orders within four weeks. It also directed supporting administrative measures, including monthly reporting, a representation mechanism, e-system implementation, and a special drive for pending matters, to streamline disposal and enforcement. en-us Mon, 17 Apr 2023 00:00:00 +0530 Fri, 18 Oct 2024 19:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458283 Section 14 of the SARFAESI Act requires the Chief Metropolitan Magistrate or District Magistrate to assist secured creditors in taking possession of secured assets after verifying statutory compliance, and the power is ministerial rather than adjudicatory. Emphasising the need for prompt action under the special statute, the Bombay High Court prescribed a 30-day time limit for disposal of section 14 applications in Maharashtra and required implementation of section 14 orders within four weeks. It also directed supporting administrative measures, including monthly reporting, a representation mechanism, e-system implementation, and a special drive for pending matters, to streamline disposal and enforcement. Case-Laws Indian Laws Mon, 17 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458283