Yes Bank Ltd v. State Of Punjab And Others

IN THE HIGH COURT OF PUNJAB AND HARYANA

AT CHANDIGARH CWP-17152-2026 Date of Decision: 27.05.2026 Yes Bank Limited ....Petitioner

Versus

State of Punjab and others ....Respondents CORAM: HON'BLE MR. JUSTICE SUVIR SEHGAL HON'BLE MR. JUSTICE VIKAS SURI ----

Present:

Mr. Nakul Sharma, Advocate (through V.C) for the petitioner.

Mr. Akhil Kamra, Assistant Advocate General, Punjab. **** 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 13.03.2025, Annexure P-4, 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-bank and had mortgaged immovable property. Counsel asserts that due to continuous default in repayment, loan account was classified as NPA on 01.04.2024. A notice under Section13(2) of the SARFAESI Act was issued on 19.07.2024 (Annexure P-2), followed by notice under Section 13(4) of the SARFAESI Act dated 18.12.2024 (Annexure P-3), whereafter symbolic possession of the secured asset was taken. Counsel VARINDER PRASHAD 2026.05.30 14:23 I attest to the accuracy of this document PHHC

CWP-17152-2026 -: 2 :- states that petitioner moved an application (Annexure P-4) under Section 14 of the SARFAESI Act before the ChiefJudicial Magistrate, Ludhiana in March 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.

Advance copy of the petition has been served upon the official respondents.

4.

On asking, State counsel has put in appearance on behalf of respondents-state. He does not have any instructions. 5.

Having heard counsel for parties and keeping 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-4) 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) May 27, 2026 JUDGE Varinder Whether speaking/reasoned :

Yes/No Whether reportable :

Yes/No VARINDER PRASHAD 2026.05.30 14:23 I attest to the accuracy of this document PHHC