2021 (10) TMI 1390

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....etter dated 05.03.2021 issued by Respondent no.2 - Additional District Magistrate at ANNEXURE-"P/5", for the reasons stated in the Memo of Petition and in the interest of justice; B. Be pleased to direct the Respondent no.1 (District Magistrate, Valsad) to implement the order dated 10.09.2018 passed under section 14 of SARFAESI Act, 2002 through subordinate officer and handover the physical possession of the property in question to the petitioner in place of Religare Finvest Limited. ALTERNATIVELY C. Be pleased to direct the Respondent no.1 (District Magistrate, Valsad) to substitute the name of the petitioner in the order dated 10.09.2018 passed under section 14 of SARFAESI Act, 2002 in place of Religare Finvest Limited and issue ....

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....pplication dated 1.12.2020 to substitute the name of the petitioner in the order dated 10.9.2018 passed under Section 14 of the SARFAESI Act. 2.3 The Additional District Magistrate by order dated 5.3.2021 disposed of the application of the petitioner by holding that the order dated 10.9.2018 is passed under Section 14 of the SARFAESI Act and therefore, the petitioner was to take appropriate orders from the Debts Recovery Tribunal. 3. Learned advocate Mr. Sandip C. Bhatt appearing for the petitioner submitted that in view of the provisions of subsection (4) of Section 5 of the SARFAESI Act, the name of the petitioner is required to be substituted in the order dated 10.9.2018 passed by the respondent No.1 because the petitioner has executed....

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.... which applies only to the pending proceedings on the date of Deed of Assignment. 5. Having heard learned advocates for the respective parties and having gone through the material on record, it is not in dispute that the respondent No.1 passed the order under Section 14 on 10.9.2018 whereas the petitioner has entered into the Deed of Assignment with the original lender on 5.11.2019. 5.1 In view of above undisputed fact, it would be relevant to refer to the provision of sub-section (4) of Section 5 of the SARFAESI Act, which pertains to the "acquisition of rights or interest in financial assets" and reads thus:- "5(4) If, on the date of acquisition of financial asset under sub-section (1), any suit, appeal or other proceeding of whatever....