along with the building therein comprised in old Sy.No.686/1-3, ReSy.Nos.128/14, 128/4-2 and 128/4-3, Block No.53 of Mancode Village, Kottarakkara Taluk, Kollam District. Due to the outburst of corona virus, lockdown measures were implemented to contain the spread of Covid-19 in the country and the lockdown continued up to 31.05.2020. Due to such lockdown, business of the applicant was badly affected and crops were destroyed. Due to irregularity in repayment, the defendant initiated securitization measures. No demand notice or possession notice was issued by the defendant at any point of time. Despite non-compliance of mandatory statutory requirement, the defendant filed MC No.839/2022 before the CJM, Kollam to take physical possession of the secured asset. As per the order of the CJM, Advocate Commissioner issued notice to take physical possession of the secured asset on 18.01.2023. Since the initiation of the securitization measures is in violation of the provisions of the SARFAESI Act, the defendant cannot proceed further on the basis of the order passed by the CJM under S.14 of the SARFAESI Act. After getting notice from the Advocate Commissioner, the applicant approached the defendant bank to convince them about the real facts but they threatened her that they would sell the property. Hence this SA is filed challenging the securitization measures with a prayer to set aside the same.
