The Supreme Court has settled differences among various high courts and declared that the chief judicial magistrate (CJM) is competent to assist the secured creditor to take possession of the asset in case of default under the Securitisation (Sarfaesi) Act.
The court had to give a decisive ruling as the high courts of Bombay, Calcutta, Madras, Madhya Pradesh, and Uttarakhand had interpreted the law to mean that only the chief metropolitan magistrate (CMM) in metropolitan areas and the district magistrate (DM) in non-metropolitan areas are competent to deal with such a request. The high courts ...
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