Rajnish Gupta v. LIC Housing Finance Ltd

“9. The property (secured asset) is an immovable property described as “property bearing No.03, Khasra No.78/31, Block D, Municipal No. XIV/11163, New Rohtak Road, Karol Bagh, Delhi110005”. 10. The description is same in security agreement and the title documents. It is within territorial jurisdiction of this court. It is stated to be in the name of respondent. The description is same in security agreement and the title documents. The original sale deeds and copies of previous chain of documents in respect of said property are with the petitioner thereby creating an equitable mortgage. The amount due is not less than twenty percent of the principal amount and interest as per clause (j) and the property is not the one hit by other clauses of section 31 of SARFAESI Act. Sixtydays’ notice given under section 13(2) of SARFAESI Act has been seen, giving details of outstanding amount and details of secured asset, along with original postal receipt. Representation/Objections dated 01.10.2022 have also been seen along with the decision thereupon and communication to the borrower vide reply dated 10.10.2022. The petitioner states that the borrower has failed to repay the outstanding amount in full. 11. As all such requirements have been fulfilled, it becomes mandatory for the undersigned being the Chief Metropolitan Magistrate to order taking possession of the assets mortgaged with the petitioner and the documents related thereto, and forward the same to the secured creditor. As per section 14, the court may take or cause to be taken such steps as use of cause to be used such force as may be necessary.”