Case Law Details
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/property.
on 17.12.2021, the Advocate Commissioners took possession of the property.
Learned counsel for the petitioners submitted that the order passed by the CMM was beyond 60 days of filing of the application under Section 14 of the Act, which is impermissible in view of Section 14 of the Act. It was further contended that even thereafter, as per order dated 28.12.2020 of the CMM, the warrant was to be executed latest by 15.02.2021, which was the returnable date fixed.
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