JUDGMENT

Subramonium Prasad, J. The Petitioners have filed the instant writ petition praying for the following reliefs:

"1. Issue an appropriate Writ striking down Chapter II of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for not providing an avenue of judicial redress against ARCs who have defaulted in their statutory obligations including for borrowers, the petitioners herein;

Alternatively, issue a Writ of Mandamus to the Reserve Bank of India to exercise its powers under Section 12 of the SARFAESI Act (mandating RBI to work in, the public interest and to regulate the financial system of the country) to provide legal remedies to the borrowers for the purposes of enforcement of provisions of Chapter II of the Act in its letter and spirit;

Further alternatively, issue a Writ of Mandamus to the Union of India to exercise its powers under Section 38(1) of the SARFAESI Act (mandating central government to make rules for carrying "out the provisions of the Act") to provide legal remedies to the borrowers for the purposes of enforcement of provisions of Chapter II of the Act in its letter and spirit;

2. Issue a Writ of Mandamus di