In a recent judgment, the Supreme Court has held that the Chief Judicial Magistrate (CJM) is competent to deal with applications made by secured creditors under section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002.
In Authorized Officer, Indian Bank v D Visaylakshi, the legal issue before the Supreme Court was whether the CJM is competent to process the request of a secured creditor to take possession of a secured asset under section 14 of the SARFAESI Act. The issue arose as there were conflicting views of different high courts on this question.
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The dispute digest is compiled by Bhasin & Co, a corporate law firm based in New Delhi. The authors can be contacted at email@example.com. Readers should not act on the basis of this information without seeking professional legal advice.