(1.) - The common thread that runs across all these cases is to the constitutionality of Sec. 2(1)(o) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (Act No.54 of 2002), (in short, SARFAESI Act ) as well as the guidelines issued by the Reserve Bank of India pertaining to the classification of assets as Non-Performing Assets .
(2.) In all these cases, the petitioners have borrowed monies from the respective respondent Banks. They did not repay the amounts borrowed. Thereafter, the Banks initiated proceedings under the SARFAESI Act, 2002 after declaring the assets as Non Performing Assets in view of the guidelines issued by way of the Circular by the Reserve Bank of India.
(3.) Being a Court of record, we would like to record the earlier proceedings. The cases were heard at length before the other Bench in which one of us (M.M.Sundresh, J.) was a party. After conclusion of the arguments, the judgment was reserved. Thereafter, on the next working day, two memos have been filed by the counsels on behalf of two petitioners stating that the challenge made to the Circular was decided by the other learned judge sitting single and the matter requires a fresh hearing before some other Bench in which he may not be a party. Accordingly, the cases have been posted before us giving the pleasure of hearing the counsels once over by one of us, who was the party to the earlier Bench.
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