2021 (7) TMI 1462

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY For the Appellant : Mr. M. Arunachalam For the Respondents : Mr. P. Muthukumar Counsel for the State ORDER (Order of the Court was made by the Hon'ble Chief Justice) Mr. P. Muthukumar, learned counsel, takes notice on behalf of the respondents. 2. The petitioner, claiming to be a secured creditor, refers to an order dated April 3, 2019 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... a Chief Judicial Magistrate or a Collector, need to ascertain whether the declarations as required by such provision have been furnished by the petitioning secured creditor. Once the declarations are found to be in order, the concerned authority has to accept the same at face value without seeking to ascertain the veracity thereof, whether by issuing notice to the borrowers or to any other. There .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rowers could not be speedily unblocked for further circulation in the economy and the said Act of 2002 came to be enacted. 6. In a sense, the said Act of 2002 turned the law on its head and the procedure thereunder recognises, in a manner of speaking, execution before adjudication. Secured creditors are given liberty to obtain the security and put the same up for sale and it is only at such stage .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he secured asset or documents pertaining thereto so that such secured assets may be put up for sale, and the realisation of the sale proceeds would amount to the blocked funds being unblocked. It cannot be over-emphasised that Section 14 of the Act has been insulated and the process of adjudication has been kept out therefrom to ensure the speedy access to the secured assets for the purpose of liq .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n the order dated April 3, 2019, is made available to the petitioner herein, with police assistance as indicated. If the Tahsildar, Vandalur is also discharging the duties of the Tahsildar, Chengalpattu, such official should render the requisite assistance. 10. W.P. No.14875 of 2021 is disposed of by directing the concerned Tahsildar and the Superintendent of Police, Chengalpattu to provide the r .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X