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2016 (7) TMI 763 - HC - Indian LawsSection 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - right of creditors - Held that:- Section 14 of the Act of 2002 requires that where the possession of any secured asset is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, request in writing to the Chief Metropolitan Magistrate or the District Magistrate to take possession of such property. For taking possession of the assets mortgaged itself, in no way require that the borrower or guarantor should be heard. District Magistrate while issuing certificate under Section 14 of the Act of 2002 is performing non-adjudicatory ministerial function. It has been held in Jawahar Singh 's case (2015 (8) TMI 1304 - CALCUTTA HIGH COURT) that Section 14 of the Act of 2002 only provides an avenue for the secured creditor when faced with resistance by the borrower or anyone else, or when the borrower simply refuses to surrender possession, to seek administrative assistance of District Magistrate to facilitate taking of possession of a secured asset for sale and to recover its due.
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