Bombay High Court
AXIS BANK LTD THRU MANAGERversusSTATE OF MAHARASHTRA THRU G P AND ANR
- Decided
- Disposal
- Disposed Off
Holding
The magistrate must decide the Section 14 application within four weeks of this order.
Summary
Axis Bank Limited, a secured creditor, filed a writ petition seeking limited protection for the speedy disposal of its application under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which had been pending before a Metropolitan Magistrate since 24 September 2025. The petitioner relied on a prior judgment of this Court in L&T Finance Limited v. State of Maharashtra (2023) directing that such applications be decided within 30 days. The Court found that the magistrate had failed to comply with that guideline. Consequently, the Court directed the Metropolitan Magistrate, Mumbai, to decide the application (Securitization Case No.1116 of 2025) within four weeks of the order. The writ petition was disposed of with this direction.
Issues considered
- Whether the delay in deciding the Section 14 application before the magistrate violates the guideline laid down in L&T Finance Limited v. State of Maharashtra
- Whether the High Court can issue a direction to the magistrate to decide the application within a specified time
Legislation cited
Subjects
- secured creditor
- Securitization Act
- Section 14 application
- magistrate delay
- writ petition
- limited protection
- judicial guideline
Judgment
5_WP8181_26.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION
WRIT PETITION NO.8181 OF 2026
Axis Bank Limited through Manager … Petitioner
Vs.
State of Maharashtra and another … Respondents
Ms. Juilee Modak i/b. Mr. Alok Mishra (through VC) for Petitioner.
Ms. Tanu N. Bhatia, AGP for Respondents-State.
Mr. Sagar Kotecha, Vice President of Axis Bank.
Mr. Chiranjib Majumdar, Senior Manager of Axis Bank.
CORAM : MANISH PITALE &
SHREERAM V. SHIRSAT, JJ.
DATE : JULY 10, 2026
P.C. :
. By this petition, the petitioner (secured creditor) is seeking a
limited protection for disposal of its application filed under Section 14 of
the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (for short ‘Securitization
Act’), to be decided at the earliest.
2. According to the petitioner, the said application was filed before
the Magistrate on 24.09.2025 and till date, the same is pending. In the
case of L & T Finance Limited Vs. State of Maharashtra and another,
2023 SCC OnLine Bom. 931, in paragraph 23(a), this Court directed
that such applications ought to be decided by the Magistrates not later
than 30 days from the date of filing of the applications. The said
direction / guideline issued by the Division Bench of this Court has been
evidently flouted in the present case.
3. Hence, the writ petition is disposed of by directing the Chief
MINAL Digitally
by MINAL
signed
SANDIP Date:
SANDIP PARAB
2026.07.10
PARAB 17:31:35 +0530 Metropolitan Magistrate, Mumbai to consider and dispose of the
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5_WP8181_26.doc
application filed by the petitioner bearing Securitization Case No.1116
of 2025, within four weeks from the date of this order.
(SHREERAM V. SHIRSAT, J.) (MANISH PITALE, J.)
Minal Parab
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