2004 (3) TMI 431

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....eport returnable by 12th November, 2003. 2. Brief facts of the case are : It is the case of the petitioner-bank that they have sanctioned loan facilities to the respondents herein. According to them, the respondents herein have defaulted in paying the amounts due to the petitioner-bank. To recover the amounts due from the respondents, petitioner-bank has approached the learned Chief Metropolitan Magistrate, by filing a petition under section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('Act 2002' for short), inter alia, requesting him to take possession of secured assets of the respondents for realisation of the debts due to the petitioner-bank. 3. The learned Chief Metro....

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....whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or as the case may be, the District Magistrate shall, on such request being made to him- (a )take possession of such asset and documents relating thereto; and (b)forward such asset and documents to the secured creditor. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate or the District Magistrate done in pursuanc....