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2014 DIGILAW 3466 (MAD)

Mayalaghu v. State Bank of India, rep. by its authorized Chief Manager, Stressed Assets Recovery Branch (SARB), Madurai

2014-09-19

M.JAICHANDREN, R.MAHADEVAN

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Order M. Jaichandren, J. 1. Heard the learned counsels appearing on behalf of the parties concerned. 2. It is found that, in the present Writ Petitions, an issue had arisen, relating to the action initiated by the respondent bank concerned, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (hereinafter referred to as 'the Act') 3. Since common issues are arising for the consideration of this Court, all the Writ petitions are heard together and a common order is being passed. 4. At this stage of the hearing of the Writ Petitions, the learned counsel appearing on behalf of the first respondent bank had submitted that before taking possession of the properties in question, they will follow the dictum laid down in K. Arockiaraj Vs Chief Judicial Magistrate Court, reported in 2013 (5) CTC 225 and Harshad Govardhan Sondagar Vs. International Assets Recn. Co. Ltd, reported in 2014 (6) SCC 1, as well as the provisions contained in Section 14 of the Act. 5. In view of the submissions made by the learned Standing counsel appearing on behalf of the first respondent bank, as no further orders are necessary, the Writ Petitions stand closed. Consequently, the connected miscellaneous petitions are closed. No costs.