Kolkata, Sept. 19 -- The Calcutta High Court has upheld the December 4, 2024 order of the District Magistrate, Cooch Behar, rejecting UCO Bank's application under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) seeking physical possession of a mortgaged property.

The petition, filed by UCO Bank, arose after the borrower defaulted on a loan facility, secured by certain immovable properties, and the account was classified as a Non-Performing Asset (NPA) on June 30, 2019.

The Bank had followed statutory recovery measures under the Act, including issuing a demand notice under Section 13(2), symbolic possession under Section 13(4), and filing the Section 14...