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SARFAESI: CMM/DM not required to adjudicate disputes between Borrower/Third Party & Secured Creditor: SC
Case Law Details
- Case Name
- Balkrishna Rama Tarle Dead Thr LRS & Anr. Vs Phoenix ARC Private Limited & Ors. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Balkrishna Rama Tarle Dead Thr LRS & Anr. Vs Phoenix ARC Private Limited & Ors. (Supreme Court)
On a fair reading of Section 14 of the SARFAESI Act, it appears that for taking possession of the secured assets in terms of Section 14(1) of the SARFAESI Act, the secured creditor is obliged to approach the District Magistrate/Chief Metropolitan Magistrate by way of a written application requesting for taking possession of the secured assets and documents relating thereto and for being forwarded to it (secured creditor) for further action.
The statutory obligation enjoined upon the CMM/...
