RAYS TECHNOLOGIES INDIA PVT LTD Vs. INDIAN BANK

JUDGEMENT

(1.) Heard learned counsel for petitioners Sri P.S. Rajasekhar and learned counsel for respondents Smt V.Dyumani.

(2.) The brief facts of the present writ petition are as under: 2.1. The first Petitioner company- M/s. Rays Technologies Pvt. Ltd obtained cash credit limit vide Account No. 50378541493 with the first Respondents Bank for a sum of Rs.60.00 lakhs. The loan account was operated in the second respondent branch. As petitioner defaulted in repayment of loan, the second respondent bank initiated steps to recover the due amount under SARFAESI Act, 2002.

(3.) Against any decision/action taken by the lender bank/financial institution under SARFAESI Act, 2002 to recover loan amount, when secured asset on which secured interest is created by the borrower and guarantor, Sec. 171 of the Act, 2002 provides remedy to the aggrieved person before the Debts Recovery Tribunal constituted