- (1.) THE petitioners in this WP under art.226 dated December 14, 2011 are seeking the following principal reliefs: "a)A Writ of Mandamus commanding the respondent authorities to consider the prayer of redemption of the property as made by your petitioners vide letter dated 16 -04 -2011 being Annexure "P -13" to this application; b)A Writ of Mandamus commanding the respondent authorities to act in terms of S. 9(c) and 9(e) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;"
(2.) THE petitioners borrowed some money from Punjab National Bank. They were in default on the loan. Consequently, the bank initiated proceedings under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Against measures taken under s.13(4) of the Act, the petitioners made an application before the Debts Recovery Tribunal under s.17 of the Act.
(3.) THE application under s.17 was dismissed by the Tribunal for non -appearance of the petitioners. It was subsequently restored to file. Against restoration order proceedings were initiated before this Court under art.227; they are pending. In the meantime, the bank assigned the secured assets to one Assets Reconstruction Company(India) Limited (the third respondent). Assets Reconstruction Company(India) Limited again assigned the secured assets to one Kotak Mahindra Bank Limited (the fourth respondent). The bank recovering a part of its debt by assigning the secured assets has initiated proceedings before the Debts Recovery Tribunal under s.19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. Such proceedings are also pending before the Tribunal. The petitioners made an application dated April 16, 2011 to Assets Reconstruction company expressing their intention to redeem the mortgage. Now alleging that their request has not been considered, they have brought this WP.;