2012 (6) TMI 42

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....t Act, 2002 ("Securitisation Act, 2002") for taking possession of the secured assets more particularly set out in Exhibit "A" to the Petition. The grievance of the Petitioner is that six applications are pending before the Collector, some of them for several years and despite this, the Collector has not taken expeditious steps under Section 14. The Petitioner addressed a letter dated 12 May 2010 to the Second Respondent and on 16 November 2010 to the Divisional Commissioner. On 23 February 2011 the Collector, the Second Respondent was directed by the Divisional Commissioner, Pune to take appropriate action inspite of which no action, it is stated, has been taken. As a result, according to the Petitioner, the recovery of a large amount of mo....

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..... In the reply, an attempt has been made to deal with each one of the six applications which have been filed by the Petitioner before the Collector. The first application in respect of a borrower was filed on 26 May 2007. The narration of events by the Collector shows that the application was heard in 2007-08 and on 13 May 2008, the borrower agreed to repay the loan. Time was accordingly granted at the instance of the Bank. The Bank, by its letter dated 26 October 2010, sought possession of the secured assets as the amount was not repaid. Despite this letter of the Bank, it would appear that it was only six months later on 30 April 2011 that the Collector directed the Tahsildar to take possession of the secured assets. Absolutely no explana....

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.... He has to only verify from the bank or financial institution whether notice under section 13(2) of the NPA Act is given or not and whether the secured assets fall within his jurisdiction. There is no adjudication of any kind at that stage. 4. It is only if the above conditions are not fulfilled that the CMM/DM can refuse to pass an order under section 14 of the NPA Act by recording that the above conditions are not fulfilled. If these two conditions are fulfilled, he cannot refuse to pass an order under section 14. 5. Remedy provided under section 17 of the NPA Act is available to the borrower as well as the third party. 6. Remedy provided under section 17 is an efficacious alternative remedy available to the third party as well a....