(1.) Challenge in this writ petition is to the order dtd. 22/4/2022, passed in Crl.M.P.No.1053 of 2022, by the learned Chief Judicial Magistrate, Sivagangai, ordering to take possession of the secured asset, with a direction to the respondent - Bank to extend the scheme of one time settlement, which was sanctioned on 25/1/2022, to the petitioners.
(2.) Though there is an availability of expeditious and effective remedies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, "the SARFAESI Act"), this writ petition has been filed, since the Debts Recovery Tribunal, Madurai, is not functional.
(3.) Before going into the issue raised in this writ petition, we deem it fit to consider the relevant provisions under the SARFAESI Act and the decisions of the Hon'ble Supreme Court as well as this Court in this regard, which will make one understand about the enforcement of security interest by the Banks or financial institutions in case of default in repayment of secured debt, vice versa the rights of the borrower against such enforcement.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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