Delhi District Court
Yes Bank vs M/S Texcomash Export on 14 May, 2011
IN THE COURT OF SH. AJAY GUPTA, ACMM (SPL. ACTS),CENTRAL,
TIS HAZARI COURTS, DELHI
Case No: 1300/2
Yes Bank vs M/s Texcomash Export
ORDER:
14.05.11 Present: Counsel for petitioner bank.
This is an application moved by the petitioner bank u/s 14 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
1. I have already heard the arguments of Ld. Counsel for petitioner bank and gone through the relevant provisions of law. I have also perused the original documents relating to the loan/mortgage and the property in question produced by the petitioner bank. The documents have also been produced in support of the submission that notice of Section 13 (2) of the Act was duly served upon the respondents and despite that the outstanding amount has not been paid within the stipulated period. Today an affidavit in terms of previous order filed.
2. Section 14 of the aforesaid Act makes it mandatory for the CMM/ACMM to order taking possession of the assets mortgaged and the documents relating there to and forward such assets and documents to the Secured creditor and for the purpose of securing compliance, the court 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. In view of the aforesaid provisions of law and the submission made I appoint Mr. S.C. Raghav, Advocate, Mob:9818083727, Tel22355714, Ch.No.G406 Karkardooma Court, Delhi32, to take possession of the CC No.1300/2 1 mortgage property i.e Residential Property At D52, Second Floor (with roof rights), Defence Colony, New Delhi, measuring 400 sq. yards, with the help of police of aid including one lady police official and submit his report within three months from the date of this order. Receiver shall give possession notice to the authorized officer of the secured creditor and the borrowers 15 days in advance. Possession notice shall also be affixed on the outdoor or at such conspicuous place of the immovable properties and photograph of that place shall be taken including display of notice on property.
4. Receiver is also empowered to break open the locks in case properties in dispute is found locked and in that eventuality, he shall prepare inventory with regards to the items kept inside the premises, and hand over one list duly signed by the witnesses and by the receiver to the borrower, if present at the site, and one copy duly signed by the witnesses and by the receiver will be annexed with his report. Photographs of the locked premises before take over and after take over and photographs of the items kept inside the premises shall also be taken by the receiver and be annexed with the report along with negative. Broken locks shall be sealed in cloth pulanda and be deposited with concerned Bank. Miscellaneous expenses on this account shall be born by the Bank. After taking over the subject properties it should be handed over to the authorized officer of the bank. The expenses on this account shall be borne by the petitioner bank and photographs and negatives be enclosed with the report. Accompanying witnesses shall sign the proceedings. Moreover, Receiver to ensure that while executing the order there is no stay from any court in respect of the aforesaid property. The fee of the Receiver is fixed Rs.15,000/ (Rupees fifteen thousand only) to be paid by the petitioner bank, half of the fees shall be paid to the receiver within fifteen days from today and the remaining fees shall be paid at the time of taking CC No.1300/2 2 possession of the property. A copy of this order be given to the Receiver as well as to petitioner Bank for compliance and one copy of order be sent to SHO concerned by office.
5. Objections if any by whomsoever concerned should be made before the Debt Recovery Tribunal and no objections shall be entertained in this Court. Under the scheme of the Act this court is supposed to provide the assistance to the Financial Institutions to obtain the possession of the secured asset in accordance with law. This court is not supposed to decide any of the issue between the parties on its merits. After the appointment of Receiver nothing survives in the petition. Receiver is directed to file the compliance report in the office within three months from today, which be placed on the file and then the file be consigned to record room after due compliance.
(AJAY GUPTA) ACMM(SPL ACTS), CENTRAL DELHI/14.05.2011 CC No.1300/2 3