CHOLAMANDALAM INVESTNMENT AND FINANCE COMPANY LTD vs LD CHIEF JUDICIAL MAGISTRATE LUDHIANA AND OTHERS

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH 171 CWP-17334-2026 Date of Decision: 27.05.2026 CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LTD ...Petitioner Versus CHIEF JUDICIAL MAGISTRATE LUDHIANA AND ORS ...Respondents CORAM: HON'BLE MR. JUSTICE SUVIR SEHGAL HON'BLE MR. JUSTICE VIKAS SURI Present: Mr. Harsh Chopra, Advocate and Mr. Gurjeet Singh, 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 21.01.2026, Annexure P-1, 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-finance company and had mortgaged immovable property. Counsel asserts that due to continuous default in repayment, the loan account was classified as NPA on 05.11.2024. A notice under Section 13(2) of the SARFAESI Act was issued on 17.09.2025, followed by notice under Section 13(4) of the SARFAESI Act dated 04