A Supreme Court vacation bench granted leave to appeal directly against a Chief Judicial Magistrate’s order under Section 14 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act (SARFAESI) recently.
The bench did so after noting that there are conflicting views by different high courts with regard to the jurisdiction of Chief Judicial Magistrates under Section 14 of the SARFAESI Act. The Act empowers Chief Metropolitan Magistrates or district magistrates to assist secured creditors to take possession of secured assets.
After a precedent was set by the Kerala High Court, Chief Judicial Magistrates in that state began to entertain applications under Section 14. The Kerala High Court had held that a Chief Judicial Magistrate in a non-metropolitan area stands on the same footing as a Chief Metropolitan Magistrate in a metropolitan area, and thus has jurisdiction under Section 14 of the SARFAESI Act.
This story is from the June -July 2019 edition of Legal Era.
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This story is from the June -July 2019 edition of Legal Era.
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