M R UTENSILS Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Mr.Mukul Sinha, the learned counsel appearing for the petitioners, at length and in detail.

(2.) By means of instant petition under Article 226 of the Constitution of India, the petitioners pray that The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002, herein called the "Ordinance", be declared ultra vires and unconstitutional.

(3.) The sole submission of Mr. Mukul Sinha, learned counsel of the petitioners, is that the Ordinance violates the provisions of Article 14 of the Constitution in as much as it does not provide any remedy to the aggrieved borrower against the action taken by the secured creditor under Section 13 of the Ordinance. According to the learned counsel, the impugned Ordinance is liable to be struck down as arbitrary and unconstitutional.