Cholamandalam Investment And Finance Company Limited v. State Of Punjab

IN THE HIGH COURT OF PUNJAB & HARYANA

AT CHANDIGARH CWP-11525-2026 Date of decision: April 18, 2026 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED ....Petitioner

Versus

STATE OF PUNJAB ....Respondent CORAM:- HON'BLE MR. JUSTICE SUVIR SEHGAL HON'BLE MR. JUSTICE VIKAS SURI

Present:

Mr. Sourav Thakur, Advocate for Mr. Sandeep Chopra, Advocate for the petitioner. ***** SUVIR SEHGAL, J. (ORAL) 1.

This writ petition has been filed inter alia for issuance of a writ in the nature of mandamus directing Chief Judicial Magistrate, Ludhiana to decide the application dated 14.02.2025, Annexure P-3, filed by petitioner under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the SARFAESI Act'). 2.

Counsel for the petitioner submits that borrowers had taken a loan from the petitioner's finance company and had mortgaged immovable property. Counsel asserts that due to continuous default in repayment, the loan account was classified as NPA on 04.10.2025. A notice under Section 13(2) of the RITU SHARMA 2026.04.21 09:50 I attest to the accuracy and integrity of this document

CWP-11525-2026 -2SARFAESI Act was issued on 11.10.2024 (Annexure P-1), followed by notice under Section 13(4) of the SARFAESI Act dated 10.01.2025 (Annexure P-2), whereafter symbolic possession of the secured asset was taken. Counsel states that petitioner moved an application (Annexure P-3) under Section 14 of the SARFAESI Act before the Chief Judicial Magistrate, Ludhiana in February 2025, which is still pending. Counsel has made a reference to the statutory provisions and has urged that the application has to be decided within the time frame provided in the statute.

3.

Heard counsel for the petitioner.

4.

In view the observations of this Court in Bank of Maharashtra vs. District Magistrate, Hisar and others 2024(2) PLR 346 as well as in IIFL Home Finance Limited vs. State of Haryana and others, Law Finder Doc ID #2875322, writ petition is disposed of with a direction to Chief Judicial Magistrate, Ludhiana, to decide the application (Annexure P-3) as expeditiously as possible, preferably within a period of 60 days from the date of communication of copy of this order, unless there is any legal impediment in doing so.

(SUVIR SEHGAL) JUDGE (VIKAS SURI) April 18, 2026 JUDGE Rts Whether speaking/reasoned: Yes/No Whether reportable: Yes/No RITU SHARMA 2026.04.21 09:50 I attest to the accuracy and integrity of this document