Time limit in Section 14 of SARFAESI Act mandating DM to deliver possession of a secured asset is directory: SC

Time limit in Section 14 of SARFAESI Act mandating DM to deliver possession of a secured asset is directory: SC

November 06, 2020
FEMA, BANKING & INSURANCE : Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 mandating District Magistrate to deliver possession of a secured asset within 30 days, extendable to an aggregate of 60 days upon reasons recorded in writing, is a directory and not mandatory provision

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