(1.) The prayer made in this Writ Petition is to issue a Writ of Mandamus, directing the respondents to close the petitioner's loan account bearing No.139603950900027 in Indian Overseas Bank, Tenkasi Branch, Tenkasi District after receiving the dues and outstanding payable by the petitioner to the respondents and consequently release the collateral security of the petitioner's property in the said loan account at Thanakkankulam Village, Madurai South Taluk, Madurai District forthwith.
(2.) Though there is availability of expeditious and effective remedies under 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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