SARFAESI ACT | District Magistrate Not Adjudicating Authority, Must Assist Secured Creditors In Asset Possession: Jharkhand High Court

The Jharkhand High Court has ruled that it is the duty of the District Magistrate to assist secured creditors in taking possession of secured assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The court clarified that the District Magistrate is not the adjudicating authority under this Act.Justice Ananda Sen observed, “It...