Creditors needs to adhere time-limit fixed by Magistrate for taking over possession of secured assets

Mangalagiri Textile Mills Private Limited Vs The State Bank of India (Andhra Pradesh High Court)

Facts- The petitioners obtained loan from the SBI. The account became a Non-Performing Asset where under the total amount of Rs. 10,36,25,840 was to be paid.

As the petitioners had defaulted, the SBI, prior to sanctioning OTS, on 27.02.2019 had already moved before the Chief Metropolitan Magistrate (CMM) u/s 14 of the Act for taking physical possession of the secured asset/prop

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