1 CWP-11557-2026 117 IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP-11557-2026 Date of decision: April 18, 2026 POONAWALLA FINCORP LIMITED EARLIER KNOWN AS MAGMA FINCORP LIMITED ….Petitioner Versus STATE OF PUNJAB AND OTHERS ....Respondents CORAM:- HON'BLE MR. JUSTICE SUVIR SEHGAL HON'BLE MR. JUSTICE VIKAS SURI Present: Mr. Amit Kumar, Advocate and Mr. Sunil Kumar, Advocate for the petitioner. Mr. Akhil Kamra, AAG, 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 District Magistrate-cum-Deputy Commissioner, Ludhiana to decide the application dated 07.01.2026, 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, ‘SARFAESI Act’). 2. Counsel for the petitioner submits that respondents No.3 to 6 had taken a loan from the petitioner- finance company and had mortgaged immovable property. Counsel asserts that due to continuous default in repayment, loan account was classified as NPA on 03.08.2025. A notice under Section 13(2) of SARFAESI Act was issued on 12.08.2025 (Annexure P-1), RITU SHARMA 2026.04.21 09:45 I attest to the accuracy and integrity of this document 2 CWP-11557-2026 followed by a notice under Section 13(4) of SARFAESI Act dated 15.12.2025 (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 SARFAESI Act before the District Magistrate cum Deputy Commissioner, Ludhiana, 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 District Magistrate cum Deputy Commissioner, 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 09:45 I attest to the accuracy and integrity of this document