Madan Mohan Shrivastava vs. Additional District Magistrate (South) Bhopal and others

Madhya Pradesh High Court (Division Bench (DB)- Two Judge)

WRIT PETITION, 5629 of 2021, Judgment Date: Apr 01, 2021

Law laid down -

(i) Section 13(4) of the Securitisation Act permits the secured creditor to take recourse to the measures prescribed therein to recover the secured debt. One such measure is to take possession of the secured asset. Section 14 of the Act gives remedy to the secured creditor to obtain possession of the secured asset by approaching the District Magistrate. Hence, the action of the District Magistrate under Section 14 is in furtherance of the provision contained under Section 13 (4) of the Act. Such an action is after the stage of Section 13 (4), therefore, remedy of appeal under Section 17 is available against the order under Section 14 of the Act.

(ii) The bar contained in Section 14(3) of the Act does not affect the remedy before the Tribunal under Section 17 of the Act.

Madan Mohan Shrivastava vs. Additional District Magistrate (South) Bhopal and others