V.V.S. RAO, J :-

These writ petitions are filed either by the borrowers or sureties who entered into loan transactions with banks/financial institutions (FIs). In a couple of cases, the petitions are filed against Securitization and Reconstruction Companies (SRCs) in whose favour the loans were assigned. Similar questions of law that arise necessitating this common order are (l) Whether a writ petition under Article 226 of the Constitution of India would lie against private banks/FIs or SRCs; and (2) Whether it is not necessary for the petitioners to exhaust the effective and efficacious alternative remedy available to them. These questions arise in the context of recovery proceedings initiated by the private bodies for enforcement of security interest under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the SARFAESI Act or the Act).

Background Facts

2. It would be suffice to refer to three cases to notice the factual matrix illustratively.

WP No.24887 of 2010

3. WP No.24887 of 2010 is filed against the ICICI Bank Limited (ICICI) and Asset Reconstruction Management Services (ARMS) which is a division