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Judgment
Gautam Kumar Choudhary, J
Instant writ petition has been filed for writ in the nature of mandamus for a direction upon respondent no.2 for concluding the hearing on the application dated 05.07.2024 filed under Section 14 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter in short ‘SARFAESI Act’).
Petitioner is a Non-Banking Financial Company registered with R.B.I. and engaged in the business of financing and purchasing of vehicles and other assets and provides loans and financial assistance.
It is argued by the learned counsel on behalf of petitioner that respondent no.3 is the borrowers and respondent nos.4 and 6 are the co-borrowers in whose favour loan of Rs.31,00,000/- was sanctioned by sanction letter dated 27.06.2022.
As security for the loan measuring an area 10 decimals situated at portion of R.S. Plot No.2950, Sub Plot No.2950/F1 & F2, Thana No.79, Khata No.426, Mouza Ratu, District Ranchi was mortgaged by registered deed being no.3587 dated 13.06.2022.
On default in re-payment of loan amount, the petitioner moved Deputy Commissioner-cum District Magistrate, Ranchi under Section 14 of SARFAESI Act on 05.07.2024 which has not been disposed of yet.
It is argued by learned counsel on behalf of petitioner that in view of ratio laid down by the Hon’ble Supreme Court in Balkrishna Rama Tarle (Dead) through legal representative and Another Vs. Phoenix Arc Private Limited & Others, (2023) 1 SCC 662. It was incumbent on the part of the District Magistrate to hear and dispose of the application under Section 14(1) of SARFAESI Act within 30 days. It is contended that almost one year has lapsed, but no order has been passed on the said application.
Having considered the submissions advanced on behalf of the petitioner, without entering into the merit of the case at this stage, respondent no.2 is directed to dispose of the pending application within 30 days after receipt of the order.
Writ Petition stands disposed of. Interlocutory Application, if any, is disposed of..