1 C. C. No.

354/SA/2021

IN THE COURT OF CHIEF METROPOLITAN MAGISTRATE,

ESPLANADE, MUMBAI
(I/c. Presiding Officer – Smt. S. T. Dande)

Case No:­ 354/SA/2021

(CNR NO.MHMM11­002779­2021)
(Dated:­25/02/2022)

Piramal Capital Housing Finance Limited

Having its Office at Rustomjee R­cade, Rustomjee
Acres, 2nd Floor, Jayawant Sawant Road, Dahisar
(West), Mumbai – 400068
Through its Authorized Representative.
Mr. Gurvinder Harjit Gujral. .…. Applicant.

Versus

1) Shekhar Chandru Tolani

2) Samaria Shekhar Tolani
3) Sahib Realty Private Limited

All having mortgaged property addresses at Flat

No.601, 5th Floor, Kripa Majestic, Near
Rajkumar Jwellers, Villg­Bandra Corner of 9 th
and 12th Road, Khar West, Mumbai, …..Respondent.
Maharashtra – 400052.

Appearance :­
For Applicant :­ Advocate L. D. Motwani/R. L. Motwani.

ORDER BELOW EXH.1

1] This is an application under Section 14 of the Securitisation

and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (in short “SARFAESI Act”) for taking possession of the
 2 C. C. No. 354/SA/2021

secured asset known as :­

“Flat No.601, 6th Floor, Kripa Majestic, Near Rajkumar Jwellers,

Villg­Bandra Corner of 9th and 12th Road, Khar West, Mumbai
Suburban, Maharashtra­400052.”

2] Brief contents of application are as under :­

The Applicant Bank had sanctioned loan of
Rs.3,96,68,279/­ vide sanction letter dated 18.05.2016 and Loan
Agreement dated 23.05.2016 and further sanctioned loan of
Rs.1,00,000,00/­ vide letter of Offer/Acceptance dated 21.09.2017
and Loan Agreement dated 25.09.2017 to the
Respondents/Borrowers.

3] As against the aforesaid financial assistance Borrowers have

created security interest over above referred secured asset in favour of
Applicant. The secured asset is situated within territorial jurisdiction of
this court. Till the date of filing of this application, Applicant is holding a
valid and subsisting security interest over secured asset. In pursuance to
grant of financial assistance and creating of security interest over the
secured asset various documents are executed by Respondents in favour
of Applicant. In due course, Borrowers have committed default in
repayment of the financial assistance, thus the account of the Borrower
has been classified as “Non Performing Asset” on 01/12/2019. In
sequel, Demand Notices dated 21/01/2020 and 24/01/2020 under
Section 13(2) of the SARFAESI Act was issued to the Respondents/
Borrowers and called upon them to repay the outstanding amount within
60 days from the date of service of notice. The Applicants have sent both
the said demand notices to the Respondents by post at the last known
 3 C. C. No. 354/SA/2021

correct address and the report have been duly served upon the
Respondents. Thereafter, the Applicants have published the demand
notice in English and Vernacular language newspapers dated 26.02.2020
and 14.05.2020 and the same have been duly served upon all the
respondents. Despite, the service of said both notices Respondents have
not complied with the requisitions for payment of outstanding loan
amount within stipulated period of 60 days. Hence, Applicant is
constrained to file this application, which is well in limitation.

4] It is requirement of Section 14 of the SARFAESI Act that

Authorised Officer of Applicant financial institution has to file affidavit
containing therein facts mentioned in Section 14(1)(b)(i) to 14(1)(b)
(ix). Accordingly, Authorised Officer had filed affidavit at Exh.­3. In
addition to affidavit, copies of documents are placed on record.
Authorised Officer has also tendered original documents before Court,
for verification with copies on record. Such documents are loan sanction
order, loan agreement, Memorandum of Deposit of title deeds, Title
deeds of the mortgage property, notices under section 13 (2) of the
SARFAESI Act, postal receipts, acknowledgment of postal receipts, paper
publications and affidavit of authorised officer etc.

5] Perused the application, affidavit submitted by the

authorised officer of Applicant and documents filed on record of the
case. Heard, Ld. Advocate for Applicant. It comes to my knowledge that
Applicant has granted the aforesaid financial assistance to the
Respondents. In pursuance of such financial assistance Respondents have
executed various documents in favour of Applicant to create security
 4 C. C. No. 354/SA/2021

interest over the aforesaid secured asset. However, in due course failed
to repay loan. Thus, Applicant constrained to declare Borrowers account
as “Non Performing Asset” and constrained to issue demand notice
dated 21/01/2020 and 24/01/2020 under Section 13 (2) of the
SARFAESI Act, demanding outstanding amount of Rs.86,31,275/­
(Rs. Eighty Six Lakhs Thirty One Thousand Two Hundred Seventy
Five Only) as on 19.01.2020 and amount of Rs.3,95,90,637/­ (Three
Crore Ninety Five Lakhs Ninety Thousand Six Hundred Thirty Seven
Only) as on 15.01.2020 respectively, but in vain, as Respondents have
not complied the notice within stipulated period. Thereafter, present
application came to be filed. Whereas secured asset is located in
territorial jurisdiction of this Court and claim of Applicant is well in
limitation. More so, as per the pleading, documents filed in the case and
affidavit of authorised officer of applicant. There is no stay in respect of
the said secured asset. So I do not found any barrier to pass order in
favour of applicant under section 14 of the SARFAESI Act to take over
possession of aforesaid secured asset. Thus, I proceed to pass following
order;

ORDER

i) Application is allowed.

ii) Assistant Registrar, Bandra Center of Courts, Mumbai is

hereby appointed as Court Commissioner to take possession of the
secured asset known as “Flat No.601, 6th Floor, Kripa Majestic, Near
Rajkumar Jwellers, Villg­Bandra Corner of 9th and 12th Road, Khar
West, Mumbai Suburban, Maharashtra­400052” and handover to the
aforesaid Authorised Officer namely Mr. Gurvinder Harjit Gujral of
 5 C. C. No. 354/SA/2021

Applicant under panchnama.

iii) The Court Commissioner to take such steps and use such
force including breaking open the lock or any hurdle thereof by taking
assistance of police if required at the expenses of the Applicant and if any
articles/documents found in the secured asset then deliver its possession
to the Authorised Officer of the Applicant after preparing panchnama
and taking inventory.

iv) Issue writ of commission accordingly on payment of

Rs.7,000/­ (Rupees Seven Thousand Only). The said amount shall be
credited to Government.

Sd/­

(Smt. S. T. Dande)
Dated:­ 25/02/2022. Addl. Chief Metropolitan Magistrate,
19th Court, Esplanade, Mumbai.
I/c. Chief Metropolitan Magistrate, Mumbai.