w w w . L a w y e r S e r v i c e s . i n



Trans Asian Industries Exposition Pvt. Ltd. & Others v/s Jammu & Kashmir Bank Ltd & Another


Company & Directors' Information:- JAMMU AND KASHMIR BANK LIMITED [Active] CIN = L65110JK1938SGC000048

Company & Directors' Information:- T T G INDUSTRIES LIMITED [Active] CIN = U27209TN1987PLC014169

Company & Directors' Information:- V I P INDUSTRIES LIMITED [Active] CIN = L25200MH1968PLC013914

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U14100DL1996PLC129067

Company & Directors' Information:- S R K INDUSTRIES LIMITED [Active] CIN = L17121MH1991PLC257750

Company & Directors' Information:- S R INDUSTRIES LTD [Active] CIN = L29246PB1989PLC009531

Company & Directors' Information:- F E INDUSTRIES PRIVATE LIMITED [Active] CIN = U36100PB2003PTC026482

Company & Directors' Information:- N K INDUSTRIES LIMITED [Active] CIN = L91110GJ1987PLC009905

Company & Directors' Information:- V TRANS (INDIA) LIMITED [Active] CIN = U60210MH1990PLC054883

Company & Directors' Information:- T S I INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U18101HR1997PTC034478

Company & Directors' Information:- JAMMU AND KASHMIR INDUSTRIES LIMITED [Active] CIN = U74140JK1963SGC000285

Company & Directors' Information:- B L A INDUSTRIES PRIVATE LIMITED. [Active] CIN = U10200MH1964PTC162314

Company & Directors' Information:- H G I INDUSTRIES LIMITED [Active] CIN = L40200WB1944PLC011754

Company & Directors' Information:- R P INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100GJ2011PTC075812

Company & Directors' Information:- D D INDUSTRIES LIMITED [Active] CIN = U74899DL1974PLC007169

Company & Directors' Information:- A G INDUSTRIES PVT LTD [Active] CIN = U27300HR1991PTC031378

Company & Directors' Information:- H. J. INDUSTRIES (INDIA) PRIVATE LIMITED [Active] CIN = U17120GJ2010PTC060769

Company & Directors' Information:- G R S INDUSTRIES LIMITED [Active] CIN = U00000PB2005PLC029159

Company & Directors' Information:- T S L INDUSTRIES LIMITED [Active] CIN = L65999WB1994PLC065255

Company & Directors' Information:- V S P INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ2005PTC011820

Company & Directors' Information:- M N INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100TG2012PTC079737

Company & Directors' Information:- G I INDUSTRIES PRIVATE LIMITED [Active] CIN = U15312PB2010PTC033806

Company & Directors' Information:- E T C INDUSTRIES LIMITED [Active] CIN = U31200MP1995PLC009281

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U74899DL1991PTC045572

Company & Directors' Information:- S R V E INDUSTRIES LIMITED [Active] CIN = U03210TZ2006PLC012577

Company & Directors' Information:- P AND P INDUSTRIES LIMITED [Strike Off] CIN = U21010MH1992PLC068885

Company & Directors' Information:- N G INDUSTRIES LTD [Active] CIN = L74140WB1994PLC065937

Company & Directors' Information:- S L INDUSTRIES P. LTD. [Active] CIN = U15331WB1989PTC047543

Company & Directors' Information:- AMP INDUSTRIES LIMITED [Active] CIN = L51909AS1985PLC002332

Company & Directors' Information:- T R A T INDUSTRIES LIMITED [Active] CIN = U25199KL1996PLC010148

Company & Directors' Information:- B R INDUSTRIES LIMITED [Active] CIN = U74899DL1995PLC067120

Company & Directors' Information:- N M INDUSTRIES PRIVATE LIMITED [Active] CIN = U74120DL2008PTC175664

Company & Directors' Information:- S N L INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U17115RJ1994PTC008053

Company & Directors' Information:- J V INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057081

Company & Directors' Information:- A R INDUSTRIES PVT LTD [Active] CIN = U27101HR1995PTC032569

Company & Directors' Information:- D V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049221

Company & Directors' Information:- C D INDUSTRIES LIMITED [Active] CIN = U27100MH1996PLC101277

Company & Directors' Information:- G V INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U74900TG2014PTC096387

Company & Directors' Information:- G S M INDUSTRIES PRIVATE LIMITED [Active] CIN = U02001DL2002PTC117443

Company & Directors' Information:- B G INDUSTRIES LTD [Active] CIN = U26921ML1980PLC001830

Company & Directors' Information:- P K INDUSTRIES PRIVATE LIMITED [Active] CIN = U51900DL2012PTC241654

Company & Directors' Information:- M D INDUSTRIES PRIVATE LIMITED [Active] CIN = U91110GJ1994PTC022025

Company & Directors' Information:- L C INDUSTRIES PRIVATE LIMITED [Active] CIN = U15122UP2013PTC055697

Company & Directors' Information:- G. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15435MH2005PTC151817

Company & Directors' Information:- P A S INDUSTRIES INDIA PRIVATE LIMITED [Active in Progress] CIN = U17121TZ2005PTC012171

Company & Directors' Information:- V AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039251

Company & Directors' Information:- M K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U19111UP1989PTC010468

Company & Directors' Information:- P B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29120MP1994PTC008840

Company & Directors' Information:- R & M INDUSTRIES PRIVATE LIMITED [Active] CIN = U24297TN1972PTC006185

Company & Directors' Information:- A M INDUSTRIES LTD [Active] CIN = U21012WB1977PLC030854

Company & Directors' Information:- A AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17117DL1995PTC064137

Company & Directors' Information:- M C INDUSTRIES LTD [Active] CIN = U27106WB1993PLC058995

Company & Directors' Information:- D R INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100WB2011PTC160058

Company & Directors' Information:- U K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24241WB1988PTC044355

Company & Directors' Information:- M G I INDUSTRIES PVT LTD [Active] CIN = U27310GJ2006PTC048707

Company & Directors' Information:- A D INDUSTRIES PRIVATE LIMITED [Active] CIN = U18101WB2008PTC131561

Company & Directors' Information:- V J INDUSTRIES PRIVATE LIMITED [Active] CIN = U29253KA2009PTC050226

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PLC039217

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PTC039217

Company & Directors' Information:- G R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U34300PB1996PTC018671

Company & Directors' Information:- M. K. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15549WB2008PTC130116

Company & Directors' Information:- R S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U52399MH2008PTC180489

Company & Directors' Information:- K. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U14220JH2008PTC013409

Company & Directors' Information:- D K INDUSTRIES LIMITED [Active] CIN = U45202CH1994PLC014627

Company & Directors' Information:- A B TRANS PRIVATE LIMITED [Active] CIN = U31102UP1993PTC015736

Company & Directors' Information:- D G INDUSTRIES PVT LTD [Active] CIN = U36942WB1946PTC013526

Company & Directors' Information:- R I L INDUSTRIES PRIVATE LIMITED [Active] CIN = U70101DL1993PTC052678

Company & Directors' Information:- I S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29100GJ2009PTC057308

Company & Directors' Information:- B M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17000MH1997PTC109621

Company & Directors' Information:- R V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1995PTC006398

Company & Directors' Information:- B N INDUSTRIES PRIVATE LIMITED [Active] CIN = U67120AS1994PTC004273

Company & Directors' Information:- A J INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2004PTC145040

Company & Directors' Information:- S. A. A INDUSTRIES PRIVATE LIMITED [Active] CIN = U01549TZ1997PTC007927

Company & Directors' Information:- C R I INDUSTRIES PRIVATE LIMITED [Amalgamated] CIN = U29120TZ2002PTC010129

Company & Directors' Information:- A C T INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018724

Company & Directors' Information:- G B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29220PN2011PTC139883

Company & Directors' Information:- S D B INDUSTRIES LIMITED [Active] CIN = U27107MP1996PLC010394

Company & Directors' Information:- M M INDUSTRIES PRIVATE LIMITED [Active] CIN = U31300CT2008PTC020916

Company & Directors' Information:- A C INDUSTRIES PVT LTD [Active] CIN = U29299WB2006PTC109474

Company & Directors' Information:- K M INDUSTRIES PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74899DL1991PTC043295

Company & Directors' Information:- C J INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U25209MH1998PTC116707

Company & Directors' Information:- N P INDUSTRIES LTD [Strike Off] CIN = U15549PB1989PLC009426

Company & Directors' Information:- J. L. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29141MP2008PTC020731

Company & Directors' Information:- I K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100MH2010PTC199474

Company & Directors' Information:- H. D. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U27310MH2011PTC216080

Company & Directors' Information:- R. D. G. INDUSTRIES PRIVATE LIMITED [Active] CIN = U26960DL2008PTC182480

Company & Directors' Information:- R B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U28999DL2008PTC177248

Company & Directors' Information:- H & H INDUSTRIES PRIVATE LIMITED [Active] CIN = U34100DL2010PTC204604

Company & Directors' Information:- M J INDUSTRIES PRIVATE LIMITED [Active] CIN = U15203KA2011PTC060675

Company & Directors' Information:- B R V INDUSTRIES PRIVATE LIMITED [Active] CIN = U32301UP1995PTC018704

Company & Directors' Information:- A. G. INDUSTRIES LIMITED [Strike Off] CIN = U25201UP1994PLC017291

Company & Directors' Information:- B R INDUSTRIES LIMITED [Strike Off] CIN = U15204AS1993PLC003930

Company & Directors' Information:- I P M INDUSTRIES LIMITED [Active] CIN = U25200DL1995PLC068554

Company & Directors' Information:- M R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900UP2008PTC036443

Company & Directors' Information:- R D I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC065508

Company & Directors' Information:- J G INDUSTRIES LTD [Active] CIN = L15141WB1983PLC035931

Company & Directors' Information:- V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U15139JK2015PTC004570

Company & Directors' Information:- S N INDUSTRIES PRIVATE LIMITED [Active] CIN = U29211UP1951PTC002319

Company & Directors' Information:- ASIAN INDUSTRIES PVT LTD [Active] CIN = U25199WB1984PTC038269

Company & Directors' Information:- K G INDUSTRIES PVT LTD [Active] CIN = U29130WB1951PTC019868

Company & Directors' Information:- N S INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U74120UP2012PTC053986

Company & Directors' Information:- D U INDUSTRIES PRIVATE LIMITED [Active] CIN = U29230GJ2016PTC091588

Company & Directors' Information:- S R P INDUSTRIES LIMITED [Amalgamated] CIN = U00061BR1984PLC002023

Company & Directors' Information:- C P INDUSTRIES PVT LTD [Strike Off] CIN = U29303MP1949PTC000846

Company & Directors' Information:- J B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999MH2013PTC245506

Company & Directors' Information:- S J V INDUSTRIES LTD [Amalgamated] CIN = U15421WB1982PLC035521

Company & Directors' Information:- V V INDUSTRIES PVT LTD [Strike Off] CIN = U99999DL1980PTC010427

Company & Directors' Information:- K K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U65100DL1982PTC013046

Company & Directors' Information:- A T C INDUSTRIES LTD [Strike Off] CIN = U27109AS1984PLC002201

Company & Directors' Information:- N V INDUSTRIES PVT LTD [Active] CIN = U51909WB1953PTC020952

Company & Directors' Information:- A TO Z INDUSTRIES PVT LTD [Strike Off] CIN = U31908AS1987PTC002804

Company & Directors' Information:- L K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291MH2012PTC233546

Company & Directors' Information:- N T B TRANS (INDIA) PRIVATE LTD [Active] CIN = U74899DL1988PTC031792

Company & Directors' Information:- G S C INDUSTRIES PRIVATE LTD [Active] CIN = U92114DL1956PTC002616

Company & Directors' Information:- G G INDUSTRIES PRIVATE LIMITED [Active] CIN = U27320UP1969PTC003282

Company & Directors' Information:- K S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31909MH1960PTC011707

Company & Directors' Information:- M-TRANS INDIA PRIVATE LIMITED [Active] CIN = U60231MH2006PTC163211

Company & Directors' Information:- U-TRANS INDIA PRIVATE LIMITED [Active] CIN = U35111MH2006PTC161283

Company & Directors' Information:- P R INDUSTRIES PVT LTD [Active] CIN = U21014DL1971PTC005738

Company & Directors' Information:- R K I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29190DL2012PTC233413

Company & Directors' Information:- R K INDUSTRIES PVT LTD [Strike Off] CIN = U25202AS1988PTC003132

Company & Directors' Information:- S G R INDUSTRIES PVT LTD [Strike Off] CIN = U25199WB1948PTC016397

Company & Directors' Information:- K R INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U25190KA2012PTC062367

Company & Directors' Information:- Y K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19115UP2012PTC051151

Company & Directors' Information:- E S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999TN2012PTC086119

Company & Directors' Information:- I B INDUSTRIES LTD. [Strike Off] CIN = U28992WB1990PLC050469

Company & Directors' Information:- V I INDUSTRIES LTD [Strike Off] CIN = U36934WB1951PLC019890

Company & Directors' Information:- J M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U05002UP1952PTC002456

Company & Directors' Information:- L F INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291UP2015PTC068602

Company & Directors' Information:- A K S INDUSTRIES PVT LTD [Active] CIN = U27201WB1946PTC013433

Company & Directors' Information:- V M V INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U26990GJ2013PTC076945

Company & Directors' Information:- S K INDUSTRIES LIMITED [Under Process of Striking Off] CIN = U29248PN1948PLC001948

Company & Directors' Information:- S P INDUSTRIES PVT LTD [Strike Off] CIN = U20232AS1980PTC001853

Company & Directors' Information:- V N R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U21090AP2012PTC081525

Company & Directors' Information:- A K INDUSTRIES PVT LTD [Active] CIN = U51109WB1944PTC011764

Company & Directors' Information:- K INDUSTRIES PVT LTD [Strike Off] CIN = U99999KA1946PTC000938

Company & Directors' Information:- G I P INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U52605MH2015PTC263962

Company & Directors' Information:- C. L. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27109RJ2014PTC045306

Company & Directors' Information:- R. A. M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2014PTC254820

Company & Directors' Information:- S. B. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900PN2012PTC144181

Company & Directors' Information:- A & P INDUSTRIES PRIVATE LIMITED [Active] CIN = U36935TG2014PTC095781

Company & Directors' Information:- C & N INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U40200TG2014PTC095187

Company & Directors' Information:- B S B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U45200TG2013PTC088059

Company & Directors' Information:- R A R INDUSTRIES PRIVATE LIMITED [Active] CIN = U74900TG2016PTC103684

Company & Directors' Information:- K S A B INDUSTRIES PRIVATE LIMITED [Active] CIN = U51909WB2012PTC181903

Company & Directors' Information:- KASHMIR CORPORATION PRIVATE LIMITED [Strike Off] CIN = U15410JK2013PTC003982

Company & Directors' Information:- S V S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U36100JK2013PTC003808

Company & Directors' Information:- R D M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31100DL2013PTC252294

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U00349KA1947PTC000501

Company & Directors' Information:- A V K INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U52100KA2012PTC066761

Company & Directors' Information:- S V INDUSTRIES PVT LTD [Strike Off] CIN = U27104WB1960PTC024715

Company & Directors' Information:- J INDUSTRIES PVT LTD [Strike Off] CIN = U18101OR1960PTC000388

Company & Directors' Information:- T & M INDUSTRIES LIMITED [Liquidated] CIN = U99999TN1956PLC002904

Company & Directors' Information:- INDUSTRIES (INDIA) PRIVATE LIMITED [Under Process of Striking Off] CIN = U51109BR1946PTC000228

Company & Directors' Information:- K INDUSTRIES LIMITED [Not available for efiling] CIN = U99999MH1946PTC005438

    CM(M) 275 of 2020, CAV 192 of 2020, CM APPLs. 8163 of 2020 & 8164 of 2020

    Decided On, 28 February 2020

    At, High Court of Delhi

    By, THE HONOURABLE MS. JUSTICE PRATHIBA M. SINGH

    For the Petitioners: Manjit Singh Ahluwalia, Jasprieet Singh, Advocates. For the Respondents: R1 & R2, T.K. Ganju, Sr. Advocate, Syed Arsalan Abid, Prateek Khaitan, Kamal Goswami, Advocates.



Judgment Text


Oral:

The present petition has been filed challenging the impugned order dated 8th January, 2020 by which the ld. Chief Metropolitan Magistrate (hereinafter „CMM?) has directed that the order dated 22nd June, 2019 appointing Receivers shall stand extended for another three months. The submission of Mr. Manjit Singh Ahluwalia, ld. counsel for the Petitioner is that under Section 14 of the SARFAESI Act, 2002, the ld. CMM has to appoint the Receiver within a maximum period of 60 days from the date of the filing of the application and beyond the said period, no orders for appointing Receivers or extending their power can be passed. He further urges that a detailed affidavit is also mandatory in terms of Section 14, failing which, no application could have been entertained by the ld. CMM.

2. Mr. T.K. Ganju, ld. Senior counsel for the Respondents on the other hand submits that the application for appointment of Receivers was moved on 30th April, 2019 and the first order appointing Receivers was passed on 22nd June, 2019. Though Receivers were appointed to take possession of the properties which were secured with the Respondents, since various proposals were initiated by the Petitioner and there was some discussion for settlement between the parties, the order appointing the Receivers was not given effect to. Accordingly, when the settlement negotiations failed between the parties, the Respondents moved the ld. CMM once again and vide order dated 8th January, 2020, the directions contained in the order dated 22nd June, 2019 have been extended for another three months and the Receivers have to file a report within the said period.

3. Insofar as the interpretation of Section 14 is concerned, Mr. Ganju submits that the said period mentioned in second and the third proviso of Section 14 have to be read as being directory and not mandatory, as no consequence has been provided, if the order is not passed within a period of 30 days.

4. Section 14 of SARFAESI Act reads as under:

“14. Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset—

(1) 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, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him—

(a) take possession of such asset and documents relating thereto; and

(b) forward such assets and documents to the secured creditor.

[Provided that any application by the secured creditor shall be accompanied by an affidavit duly affirmed by the authorised officer of the secured creditor, declaring that—

(i) the aggregate amount of financial assistance granted and the total claim of the Bank as on the date of filing the application;

(ii) the borrower has created security interest over various properties and that the Bank or Financial Institution is holding a valid and subsisting security interest over such properties and the claim of the Bank or Financial Institution is within the limitation period;

(iii) the borrower has created security interest over various properties giving the details of properties referred to in Sub-clause (ii) above;

(iv) the borrower has committed default in repayment of the financial assistance granted aggregating the specified amount;

(v) consequent upon such default in repayment of the financial assistance the account of the borrower has been classified as a non-performing asset;

(vi) affirming that the period of sixty days notice as required by the provisions of Sub-section (2) of section 13, demanding payment of the defaulted financial assistance has been served on the borrower;

(vii) the objection or representation in reply to the notice received from the borrower has been considered by the secured creditor and reasons for non- acceptance of such objection or representation had been communicated to the borrower;

(viii) the borrower has not made any repayment of the financial assistance in spite of the above notice and the Authorised Officer is, therefore, entitled to take possession of the secured assets under the provisions of sub-section (4) of section 13 read with section 14 of the principal Act;

(ix) that the provisions of this Act and the rules made thereunder had been complied with:

Provided further that on receipt of the affidavit from the Authorised Officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall after satisfying the contents of the affidavit pass suitable orders for the purpose of taking possession of the secured assets [within a period of thirty days from the date of application]:

[Provided further that if no order is passed by the Chief Metropolitan Magistrate or District Magistrate within the said period of thirty days for reasons beyond his control, he may, after recording reasons in writing for the same, pass the order within such further period but not exceeding in aggregate sixty days.]

Provided also that the requirement of filing affidavit stated in the first proviso shall not apply to proceeding pending before any District Magistrate or the Chief Metropolitan Magistrate, as the case may be, on the date of commencement of this Act.]

[(1A) The District Magistrate or the Chief Metropolitan Magistrate may authorise any officer subordinate to him,—

(i) to take possession of such assets and documents relating thereto; and

(ii) to forward such assets and documents to the secured creditor.]

(2) For the purpose of securing compliance with the provisions of Sub-section (1), the Chief Metropolitan Magistrate of the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary.

(3) No act of the Chief Metropolitan Magistrate or the District Magistrate 1[any officer authorised by the Chief Metropolitan Magistrate or District Magistrate] done in pursuance of this section shall be called in question in any court or before any authority.”

5. A perusal of the said provision shows that an application can be filed by the secured creditor before the learned CMM to take possession of the assets and documents. Along with the said application a detailed affidavit has to be filed as contained in (i) to (ix). The third proviso specifically stipulates that upon perusing the affidavit and recording the satisfaction thereof, the learned CMM ought to pass orders for taking possession of the secured assets within a period of 30 days from the application. This period of 30 days has been extended by a further period of 30 days in the third proviso. The question that arises is whether after the period of 30 days + 30 days, the learned CMM is not empowered to pass orders extending the term of the Receiver or appointing a Receiver, upon an application by the secured creditor.

6. A perusal of the provision clearly shows that the said provision has been enacted to safeguard the interest of the secured creditor. The purpose for which the period has been stipulated is to ensure that upon an application being moved by the secured creditor, the learned CMM takes up the application within a period of 30 days extendable by further 30 days. The intention is not to render the learned CMM functus officio after the period of 60 days, but rather to ensure that the application is taken up with the utmost urgency and not in a delayed or procrastinated manner. It cannot be interpreted to mean that after the period of 60 days, the learned CMM loses the power to give effect to orders extending the term of Receivers, or to substitute a Receiver already appointed.

7. The facts of the present case show that the initial application was filed on 30th April, 2019 and the Receivers were appointed on 22nd June, 2019. As per the order dated 22nd June, 2019 three Receivers were appointed by the learned CMM to take possession of three separate assets and the Receivers were directed to submit their reports within two months. Thereafter, negotiations had taken place between the parties and the order dated 22nd June, 2019 was not even implemented. It was after negotiations failed that the creditor approached the learned CMM once again for extension of the power of the Receivers to take possession. The order dated 8th January, 2020 is merely a renewal or extension of the earlier order passed within 60 days i.e. on 22nd June, 2019. The same cannot be construed as a fresh order. Be that as it may, the learned CMM would be entitled to any other order for example, substitution of Court Receivers and any other orders, so as to ensure that the decree in favour of the secured creditor is not set at naught. The debtor cannot, by attempting to resolve the disputes by giving settlement proposals, avoid the process of the possession being taken over.

8. The only issue remains as to whether the affidavit has been filed properly by the secured creditor in terms of the stipulations in Section 14. The said issue does not arise at this stage. The affidavit has to be filed by the secured creditor in terms of the stipulations in Section 14. The said affidavit which would have been filed with the application, was considered by the learned CMM while passing the order dated 22nd June, 2019, which is not under challenge in this case. The strict compliance of Section 14 and the affidavit thereunder is required to be followed, however, in the present case the question of the affidavit no longer arises as the same was considered only when the order dated 22nd June, 2019 was passed and not in the order dated 8th January, 2020. Mr. Ahluwalia, at this stage submits that Section 362 of the Cr.P.C. learned CMM has no power to review or modify his order. The

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said provision reads as under: “362. Court not to alter judgment—Save as otherwise provided by this Code or by any other law for the time being in force, no Court, when it has signed its judgment or final order disposing of a case, shall alter or review the same except to correct a clerical or arithmetical error.” 9. The order dated 8th January, 2020 is not a review or modification of the earlier order, it is merely an extension of the period for implementing the order dated 22nd June, 2019 along with the enhancement of fee and nothing more. The same cannot be construed as being a review by any stretch of imagination. The petition is dismissed along with all pending applications. 10. Since possession of the property, which is the residence where the family of the Petitioner's Director/Promoter is stated to be residing, has not yet been taken over, one week's time is granted to them to make alternate arrangements. Possession shall not be taken over by the bank for a period of one week from today. 11. A copy of this order be given dasti under signatures of the Court Master. Petition dismissed.
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31-08-2020 M/s. AAF India Private Limited, Rep. by its Authorised Signatory Jagruti Mursenia Versus M/s. KBR Industries, Represented by its Partner High Court of Karnataka
25-08-2020 The Deputy General Manager, Small Industries Development Bank of India, Coimbatore & Another Versus M/s. Annamalai Hotels (Pvt.) Ltd., Rep.by its Managing Director, P. Velusamy, Coimbatore High Court of Judicature at Madras
20-08-2020 K. Manikkan, Railway Liason Officer, Malabar Cements Limited, Walayar Versus The State of Kerala, Represented by The Principal Secretary, Industries (H) Department, Thiruvananthapuram & Others High Court of Kerala
19-08-2020 L. Ahmed Abdul Razack Versus State of Tamil Nadu, Rep by Secretary to Government, Industries Department, Chennai & Others Before the Madurai Bench of Madras High Court
17-08-2020 M/S Anjaneya Bisanpur Agro Industries Pvt. Ltd Versus Dilawar Singh Rawat & Another High Court of Delhi
13-08-2020 Ram Niwas Versus Union Territory of Jammu & Kashmir High Court of Jammu and Kashmir
11-08-2020 Surinder Singh Versus Union Territory of Jammu & Kashmir & Others High Court of Jammu and Kashmir
06-08-2020 Rajiv Bal Versus Harrison Industries, New Delhi & Others National Consumer Disputes Redressal Commission NCDRC
04-08-2020 ECOM Gill Coffee Trading Private Limited, Rep. by its Authorised Signatory Shailendra Singh Versus M/s. Vittal Cashew Industries, Represented by its Partner H. Ganesh Kamath & Others High Court of Karnataka
04-08-2020 R.V. Granites, rep. by its Managing Partner S. Padmavathi Versus State of Andhra Pradesh rep. by its Principal Secretary, Industries & Commerce (Mines.II) Department Amaravati & Others High Court of Andhra Pradesh
28-07-2020 NSL Sugars Limited, Rep. by its Assistant General Manager (Liason) H.V. Amarnath Versus State of Karnataka, Rep. by its Secretary (Sugar) Commerce & Industries Department, Bangalore & Others High Court of Karnataka
23-07-2020 Aqua Pump Industries, Rep by its Managing Partner Ramaswamy Kumaravelu & Another Versus N. Raju, Trading as S.M.Agriculture & Electronics, Bangalore High Court of Judicature at Madras
22-07-2020 Director of Income Tax-II (International Taxation) New Delhi & Another Versus M/s. Samsung Heavy Industries Co. Ltd. Supreme Court of India
20-07-2020 National Insurance Co. Ltd. Through National Legal Vertical, New Delhi Versus M/s. Krishna Spico Industries Pvt. Ltd., Ghaziabad & Another National Consumer Disputes Redressal Commission NCDRC
16-07-2020 N.M. Chandrashekar Versus The State of Karnataka, by its Secretary Department of Commerce & Industries, Bangalore & Others High Court of Karnataka
16-07-2020 Raksha Devi Vedrsus Union Territory of Jammu & Kashmir High Court of Jammu and Kashmir
14-07-2020 M/s. Ruchi Soya Industries Limited, Rep. by its Authorised representative Goregaon Mumbai Versus Union of India, Rep. by its Secretary, Ministry of Finance, Department of Revenue, New Delhi & Others High Court of Judicature at Madras
14-07-2020 M/s. Terracon Projects, Represented by its Proprietor S.V. Babu Versus The State of Karnataka, Represented by its Principal Secretary Department of Commerce & Industries, Bengaluru & Others High Court of Karnataka
09-07-2020 M/s. Durga Fabrication Works, Represented by its Proprietor, Prakash Ramu Rathod Versus The State of Karnataka, Represented By Its Secretary, Department of Industries & Commerce, Bengaluru & Others High Court of Karnataka
19-06-2020 M/s. Integrated Finance Company Limited rep. by its Legal Officer and duly constituted Attorney A. Hema Jothi Versus Garware Marine Industries Limited Registered Office at Chander Mukhi High Court of Judicature at Madras
19-06-2020 M/s. Virgo Industries (Engineers) Pvt Ltd., Rep. By its Director Reethamma Joseph & Another Versus M/s. Venturetech Solutions Pvt Ltd., Rep. By its Director N. Mal Reddy High Court of Judicature at Madras
17-06-2020 D.D. Industries Ltd., New Delhi Versus Jasmeet Walia & Another National Consumer Disputes Redressal Commission NCDRC
11-06-2020 Prakash Industries Limited. Versus Bengal Energy Limited. & Another High Court of Judicature at Calcutta
01-06-2020 Khaleed Pasha & Others Versus State of Karnataka, Represented by its Secretary Department of Commerce & Industries (MSME, Mines & Textile), Bangalore & Others High Court of Karnataka
26-05-2020 Guru Nanak Industries, Faridabad & Another Versus Amar Singh (Dead) Through Lrs. Supreme Court of India
26-05-2020 Tips Industries Ltd. Versus Entertainment Network (Kindia) Ltd. & Another High Court of Judicature at Bombay
20-05-2020 M/s. Sun Pharmaceutical Industries Limited, Represented by its Authorised Signatory, Nilesh Mahendra Kumar Gandhi & Another Versus The Assistant Commercial Tax Officer (Check of Accounts) & Others High Court of Andhra Pradesh
12-05-2020 Spentex Industries Ltd Versus Quinn Emanuel Urquhart & Sullivan LLP High Court of Delhi
05-05-2020 Mohamed Tanveer Versus The State of Karnataka by Addl. Chief Secretary Department of Commerce & Industries, Bengaluru & Others High Court of Karnataka
05-05-2020 Bhanumathy Usha & Others Versus The Jammu & Kashmir Bank Ltd., Thiruvananthapuram Branch, Represented by Its, Branch Head Susil Kaloor & Others High Court of Kerala
01-05-2020 Agricola Enterprises Ltd. & Another Versus Ministry for Primary Industries Court of Appeal of New Zealand
30-04-2020 Natural Sugar and Allied Industries Limited & Others Versus The State of Maharashtra, Through the Secretary for Co-operation, Marketing & Textile Department, Mantralaya & Others In the High Court of Bombay at Aurangabad
27-04-2020 Bihar State Electricity Board & Others Versus M/s. Iceberg Industries Ltd. & Others Supreme Court of India
24-04-2020 Union of India & Others Versus Exide Industries Limited & Another Supreme Court of India
21-04-2020 Lakshmi Sriniavasa Rice Mills, Rep. by its Partners, K. Kallappa Versus Lakshmi Srinivas Industries, Rep. by its Partners, T. Nageswara Rao, Raichur & Others High Court of Karnataka Circuit Bench OF Kalaburagi
16-04-2020 In Re: Court on Its Own Motion Versus Union Territories of Jammu & Kashmir & Ladakh through Secretaries, Social Welfare Department High Court of Jammu and Kashmir
03-04-2020 Azra Usmail & Another Versus Union Territory of Jammu & Kashmir High Court of Jammu and Kashmir
03-04-2020 Azra Usmail & Another Versus Union Territory of Jammu & Kashmir Rajasthan Revenue Board
24-03-2020 Azra Usmail & Another Versus Union Territory of Jammu & Kashmir High Court of Jammu and Kashmir
20-03-2020 M/s. CJP Industries, Represented by its Managing Partner S. Julius Versus Amitha Bishnoi & Others High Court of Judicature at Madras
20-03-2020 Azra Usmail & Another Versus Union Territory of Jammu & Kashmir & Others High Court of Jammu and Kashmir
18-03-2020 West Bengal Small Industries Development Corporation Ltd. & Others Versus M/s. Sona Promoters Pvt. Ltd. & Others Supreme Court of India
17-03-2020 A Marine Industries Munambam, Ernakulam, Represented by Its Proprietor, P.T. Francis & Others Versus UCO Bank, Represented by The Chief Manager, Ernakulam & Another High Court of Kerala
17-03-2020 S. Vaikundarajan Versus The State of Tamil Nadu, Rep., by its Principal Secretary to Government, Industries (MMD.2) Department, Chennai Before the Madurai Bench of Madras High Court
16-03-2020 Peps Industries Private Limited Versus Kurlon Limited High Court of Delhi
12-03-2020 Sai Electromech Industries, A Sole Proprietary Concern rep.by Its Proprietor Umangkumar Joshi Versus Sicagen India Limited, Rep.by its Authorised Signatory S. Mahadevan High Court of Judicature at Madras
11-03-2020 Agrocel Industries Pvt. Ltd. Versus United India Insurance Company Ltd. High Court of Judicature at Bombay
06-03-2020 M/s. Connectwell Industries Pvt. Ltd. Versus Union of India Through Ministry of Finance & Others Supreme Court of India
06-03-2020 Ballarpur Industries Limited & Another V/S The State of Maharashtra, through Secretary, Department of Forests, Mantralaya In the High Court of Bombay at Nagpur
05-03-2020 Electrosteel Steels Limited, Bokaro & Others Versus The State of Jharkhand through Secretary, Department of Industries, Government of Jharkhand, Ranchi & Others High Court of Jharkhand
04-03-2020 M/s. Ramco Industries Ltd., Rajapalaym Versus The Deputy Commissioner of Income Tax, Madurai High Court of Judicature at Madras
28-02-2020 Bank of India V/S M/s. Brindavan Agro Industries Pvt. Ltd Supreme Court of India
28-02-2020 Super Cassettes Industries Pvt. Ltd Versus Prime Cable Network & Another High Court of Delhi
26-02-2020 Morgan Securities & Credits Pvt. Ltd. Versus Videocon Industries Ltd. (Through) High Court of Delhi
25-02-2020 Eurotex Industries and Exports Ltd. Versus Additional Commissioner of Labour-cum-Specified Authority & Others High Court of Judicature at Bombay
25-02-2020 Kamal Encon Industries Limited Through its Authorized Representative Versus Maharashtra Electricity Regulatory Commission Through its Secretary World Trade Centre, Mumbai & Others Appellate Tribunal for Electricity Appellate Jurisdiction
24-02-2020 Panch Tatva Promoters Pvt. Ltd. Versus GPT Steel Industries Ltd. (Through Resolution Professional) & Others National Company Law Appellate Tribunal
24-02-2020 S. Suresh Versus The Management Exide Industries Ltd., Madurai & Others Before the Madurai Bench of Madras High Court
20-02-2020 M/s Century Rayon (A division of Century Textile & Industries Ltd.), Maharashtra V/S Maharashtra State Electricity Distribution Company Ltd., Through its, Chief Engineer (Commercial), Maharashtra And Others Appellate Tribunal for Electricity Appellate Jurisdiction
20-02-2020 Asian Food Industries Versus Union of India & Others High Court of Gujarat At Ahmedabad
18-02-2020 ITC Limited, Chennai, Rep. by its Constituted Attorney, V.M. Rajasekharan Versus Shree Devi Match Industries, Gudiyattam & Others High Court of Judicature at Madras
18-02-2020 Clay Craft (India) Pvt. Ltd. Through Its Director, Rajasthan & Others Versus Rajasthan Small Industries Corporation Limited (Institution of Rajasthan Government) Through Managing Director, Ugyog Bhawan, Tilak Marg, C-Scheme, Jaipur, Rajasthan National Consumer Disputes Redressal Commission NCDRC
17-02-2020 Reliance Industries Ltd. Versus Gail (India) Ltd. High Court of Delhi
14-02-2020 The Superintending Engineer, General Construction, TANTRANSCO Ltd., Tatabad, Coimbatore & Another Versus Micro Small Enterprises Facilitation Council and Director of Industries and Commerce, Represented by its Chairman, Guindy & Others High Court of Judicature at Madras
10-02-2020 M/s. Tanfac Industries Limited, Rep. by its Secretary G. Balasubramanian Versus M/s. Orichem Limited, Rep. by its Managing Director & Others High Court of Judicature at Madras
07-02-2020 Asset Reconstruction Company (India) Limited V/S Laxmi Balaji Industries and Others. Debts Recovery Tribunal Hyderabad
07-02-2020 M/s. S.K.J. Coke Industries Ltd. & Another Versus Coal India Ltd. & Others Supreme Court of India
06-02-2020 Andhra Bank V/S Suguna Industries Debts Recovery Tribunal Hyderabad
06-02-2020 K. Arumugham, Prop. Seetha Industries, Arakandanalu, Villupuram V/S The Secretary to Government, Department of Commercial Taxes & Religious Endowments, Chennai And Others High Court of Judicature at Madras
06-02-2020 HDFC Bank Ltd. V/S JNK Electrical Industries Private Limited and Others. Debts Recovery Tribunal Delhi
06-02-2020 Rafiq Ahmad Wani & Others Versus Jammu & Kashmir Bank Ltd. & Others High Court of Jammu and Kashmir
05-02-2020 D. Vasantha Versus The State of Karnataka, Represented by its Secretary Commerce & Industries Department (MSME & Mines), Bengaluru & Others High Court of Karnataka
05-02-2020 P. Krishnan Versus The Deputy Director of Industries and Commerce (Industrial Co-operatives)/(District Registrar of Industrial Co-op), Guindy, Chennai & Others High Court of Judicature at Madras
05-02-2020 B.H. Srinivasa Murthy Versus State of Karnataka, Represented by its Principal Secretary, Department of Commerce & Industries, Bengaluru & Others High Court of Karnataka
05-02-2020 Sheo Shakti Cement Industries, Hazaribagh Versus State of Jharkhand High Court of Jharkhand
04-02-2020 M/s. K.T.V. Health Food Private Limited Versus The Principal Secretary to Government, Government of Tamil Nadu Industries Department Chennai & Others High Court of Judicature at Madras
03-02-2020 Jai Balaji Industries Ltd. & Another Versus Punjab National Bank & Another High Court of Judicature at Calcutta
01-02-2020 Ishwar Oil Industries and Others. V/S The Authorized Officer, Dena Bank and Others. Debts Recovery Tribunal Ahmedabad
31-01-2020 Deputy Commissioner of Income Tax V/S Sun Pharmaceutical Industries Ltd. Supreme Court of India
29-01-2020 Jammu & Kashmir Bank Limited Versus Punjab National Bank & Others High Court of Delhi
29-01-2020 Vimal Kumar Versus The State of Tamil Nadu, Rep. by its Secretary/Industries Department, Chennai & Others High Court of Judicature at Madras
28-01-2020 New India Assurance Co. Ltd., Through its Authorised Signatory, New Delhi Versus M/s. Durga Bricks Industries, West Bengal & Others National Consumer Disputes Redressal Commission NCDRC
28-01-2020 M/s. Elgi Electric & Industries Limited, Rep. by General Manager, Coimbatore Versus The Assistant Commissioner (CT) (FAC), Trichy Road Assessment Circle, Coimbatore High Court of Judicature at Madras
28-01-2020 Century Rayon (A Division of Century Textiles and Industries Limited), Maharashtra Versus The Maharashtra Electricity Regulatory Commission Through its Secretary, Mumbai & Others Appellate Tribunal for Electricity Appellate Jurisdiction
27-01-2020 Vanessa Crasto Versus Central Public Information Officer Central Cottage Industries Corporation of India Ltd. Central Information Commission
27-01-2020 Pr. Commissioner of Income Tax-1 Versus Vilson Particle Board Industries Ltd. High Court of Judicature at Bombay
27-01-2020 The Managing Director, State Industries Promotion Corporation of Tamil Nadu Ltd., (SIPCOT), Egmore, Chennai Versus The Special Tahsildar, SIPCOT Unit Sriprumbudur & Another High Court of Judicature at Madras
24-01-2020 M/s. NMR Industries, Rep. by its Proprietor M. Raja, Chennai Versus The Managing Director, The TIIC Ltd., Chennai & Others High Court of Judicature at Madras
22-01-2020 Morgan Securities & Credits Pvt. Ltd. Versus Resolution Professional of Videocon Industries Ltd. & Another National Company Law Appellate Tribunal
21-01-2020 M/s. Slar Machines & Methods, Rep. by its Partner, V. Saravanabhavan Versus The Branch Manager, National Small Industries Corporation Limited, Hosur & Another High Court of Judicature at Madras
20-01-2020 Maa Tarini Industries Ltd. & Another Versus PEC Limited High Court of Delhi
14-01-2020 M/s. Vijeta Projects & Industries Limited Versus Union of India & Others High Court of Jammu and Kashmir
14-01-2020 Sonia Sharma Versus State of Jammu & Kashmir & Others High Court of Jammu and Kashmir
14-01-2020 Managing Director, Jammu & Kashmir Housing Board & Another Versus Amarjeet Kaur & Another High Court of Jammu and Kashmir