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The Additional District Magistrate of Amritsar appoints the Tehsildar of Amritsar-1 as the Duty Magistrate to help a bank take physical possession of a secured property. The property was provided as collateral for a loan by Royal Traders that is now a non-performing asset. The bank is requesting police assistance under the SARFAESI Act of 2002 to peacefully obtain possession of the secured property. The Tehsildar is directed to follow any court orders regarding a stay and maintain law and order during the process.

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2K views

Translate Section 14 Order

The Additional District Magistrate of Amritsar appoints the Tehsildar of Amritsar-1 as the Duty Magistrate to help a bank take physical possession of a secured property. The property was provided as collateral for a loan by Royal Traders that is now a non-performing asset. The bank is requesting police assistance under the SARFAESI Act of 2002 to peacefully obtain possession of the secured property. The Tehsildar is directed to follow any court orders regarding a stay and maintain law and order during the process.

Uploaded by

dharmanichambers
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TRANSLATION PUNJABI TO ENGLISH

Round Seal of Govt.

OFFICE OF ADDITIONAL DISTRICT MAGISTRATE, AMRITSAR.

To,

Tehsildar,

Amritsar-1

No.-Reader-A.D.M./ Dated :

Subject : Application for taking the physical possession of the secured


property under Section 14 of Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 which is
lying with the bank in case “M/s. HDB Financial Services Ltd. Branch
Central, mall Road, Amritsar Vs. M/s Royal Traders through its
Partners/Proprietor/Manager, In-charge, Shop No.1195/6-7, Kanak Mandi,
Amritsar & Others”.

In reference to the above cited subject, M/s. HDB Financial Services


Ltd. Branch Central, mall Road, Amritsar has submitted that M/s Royal
Traders through its Partners/Proprietor/Manager/incharge, Shop
No.1195/6-7, Kanak Mandi, Amritsar & Others had secured its property with
the bank i.e. one House plot bearing Khana Shumari No.363/8, measuring
896 Square Yards, situated at Katra Karam Singh, Bazar Takiye Wala, within
limit of Municipal Corporation, Amritsar owned by Pratibha Arora w/o Vimal
Arora and Rashmi Arora w/o Kapil Arora vide sale deed No.7611 dated
27.11.2013 registered in the office of Sub Registrar Amritsar-1 bounded from
East : Road, West : Ghansham Dass or Bhole Shah, North : Karam Chand,
South : Property of Dharamvir alongwith all the present and future
superstructures constructed thereon, had raised loan from the bank. But the
said loan account has been classified as NPA and a notice dated 19.09.2023
under Section 13(4) of SARFAESI Act has been issued and public notices were
also got published in the newspapers. Despite all of this, the loan amount
has not been liquidated by the defaulter. Therefore, the Authorized Officer
seek police help for taking the physical possession of the aforesaid
property/vehicle under Section 14 of Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
Therefore, you are hereby appointed as Duty Magistrate on behalf of the
concerned bank in respect to taking physical possession of the aforesaid
property. If stay order passed by any Court then the proceeding may be
initiated as per the orders passed by the concerned competent Court and in
case of any disobey of law, you shall be held responsible for the same. After
taking the possession of the aforesaid property/vehicle by the concerned
bank, this office may kindly be informed immediately.

Sd/-
Additional District Magistrate
Amritsar

Ref. No. –Reader/A.D.M./677 Dated : 20.11.23

A copy of this application has been sent to you for information :-

1. It is submitted to the Commissioner of Police, Amritsar (Urban) that in


the said case the peaceful atmosphere and law & order may be
maintained on the spot at the time of delivering the possession of the
secured property/vehicle of the bank. If any stay order granted, then
proceedings may kindly be initiated as per the compliance of the order
passed by the competent Court.

2. The Authorized Officer has submitted a letter to M/s. HDB Financial


Services Ltd. Branch Central, mall Road, Amritsar that please be
corporate with the police department and Duty Magistrate and this
office may kindly be informed after taking the possession of the
property/vehicle.

Sd/-
Additional District Magistrate
Amritsar

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