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SARFAESI Act - Taking Physical Possession U/S 14 by the bank


09-Apr-2023 (In Recovery Law)
I borrowed amount from bank and was not able to repay. The bank issued notices under SARFAESIAct and took symbolic possession. I approached DRT for grant of stay. DRT granted stay on 17-09-2021 on condition to deposit 30% of notice amount and on such payment bank was directed to stay all further proceedings initiated U/S 14 of SARFAESIAct. As per DRT Orders I deposited 30% amount. At present stay orders passed by DRT are in force. Bank now obtained orders from Chief Judicial Magistrate, Guntur inCrl.MP. on 14-03-2023 seeking phy. possession and obtained warrant. Court appointed Adv. Commissioner to issue notice to both sides before execution of warrant and directed to follow the due procedure.Adv.Com. served notice on 05-04-2023 and asked me to vacate and handover the phy. possession on or 13-04-2023.Now the question is whether the Chief Judicial Magistrate has the power to grant such orderU/S 14 of SARFAESIAct even when the DRT Stay is in force.What shall I do now. Please guide me.
Answers (1)

Answer #1
628 votes
hi you could file writ petition in high court to not to take any steps against the bank and to not to dispossess you from the subject property and that you could also say that the chief metropolitan magistrate has no power to order to pass orders
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