Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) Section 14 – It is not open to the secured creditor to directly take physical possession of the property by dispensing with the requirement of obtaining the orders by the District Magistrate – Report obtained by secured creditor appears to have been obtained from a Valuer who presumed that the plot is a “residential” one without a compound wall with no construction thereon, contrary to the earlier report which depicted that the property is a “commercial one” with a compound wall and structures thereon – Sale Schedule set aside – Shall restore possession of the property back to the petitioners – SARFAESI Act, 2002 S. 14.
Sarfaesi S. 14 – It is not open to the secured creditor to directly take physical possession of the property by dispensing with the requirement of obtaining the orders by the District Magistrate – Auction – Valuation – Sale set aside.
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