2021 (7) TMI 1462

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. The petitioner, claiming to be a secured creditor, refers to an order dated April 3, 2019 passed on the petitioner's request under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 3. It is clear from the relevant order, particularly the fifth paragraph thereof, that the Tahsildar, Chengalpattu has been directed to obtain adequate police protection from the Deputy Superintendent of Police to take possession of the property clearly described in the relevant order. However, the grievance of the petitioner is that despite such order and several requests, the relevant Tahsildar has not taken any steps. 4. It is absolutely imperative that executive officials be a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Act of 2002 turned the law on its head and the procedure thereunder recognises, in a manner of speaking, execution before adjudication. Secured creditors are given liberty to obtain the security and put the same up for sale and it is only at such stage that the borrower or any person aggrieved by the measures adopted by a secured creditor get a chance to complain there against by resorting to Section 17 of the Act of 2002 before the jurisdictional Debts Recovery Tribunal. Of course, this was not a completely new feature. The State Financial Corporations Act of 1951 gave similar authority to State Financial Corporations. However, the Act of 2002 extended the same benefit to secured creditors, whether government owned or otherwise. 7. Upon....