THE HON'BLE MR JUSTICE GHULAM MOHAMMED and THE HON'BLE MR JUSTICE K.G.SHANKAR W.P.No.22574 of 2010 ORDER: (Per Sri Justice Ghulam Mohammed) The petitioner Society availed a term loan to a tune of Rs.4.25 crores to develop infrastructure, from the first respondent Bank by mortgaging the building belonging to the Society and out of the said amount, Rs.3 crores was remitted to the endowment fund and Rs.1.25 crores was not released by the Bank. Due to the default committed by the Society, the loan account has been classified as Non-performing asset and the second respondent issued a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’). Challenging the said notice, the petitioner filed the present writ petition. 2. The first respondent filed counter stating that the Bank has taken possession of the mortgaged property on 30.06.2011 by serving the possession notice under Section 13(4) of the Act on the petitioner. 3. Heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent-Bank. 4. This Court while admitting the writ petition on 13.09.2010, granted interim stay, and on 23.03.2011, the said order was modified directing the petitioner to deposit a sum of Rs.50 lakhs within a period of one month from that day and another sum of Rs.50 lakhs within a period of one month thereafter, in default, the respondent Bank is at liberty to proceed with the matter in accordance with law. It is represented that the petitioner has deposited only a sum of Rs.50 lakhs and it defaulted further payment as directed by this Court. This Court on 24.05.2011 also extended the time sought for by the petitioner, but it has not complied with the same. 5. Learned counsel for the petitioner submitted that in order to establish a University, the petitioner Society had deposited a sum of Rs.3 crores with the Government of Chhattisgarh and that because of the delay in correspondence, the funds are not mobilized and as such, it failed to repay the amount as directed by this Court. He seeks further time to comply with the interim order. 6. This writ petition is filed challenging the notice under Section 13(2) of the Act, which is a premature one, but as the approach of the petitioner Society is for the benefit of the students, this Court showing some indulgence granted conditional stay to the petitioner Society. Though the time is extended, the petitioner has not deposited the remaining sum of Rs.50 lakhs. Since it is stated that the funds are not mobilized in view of delay in correspondence, we grant further time of three weeks to the petitioner Society to deposit the sum of Rs.50 lakhs from today, and the remaining loan amount within a period of four months thereafter, to the satisfaction of the Bank and failure to comply with the same, the Bank is at liberty to proceed with in accordance with law as per the possession notice dated 30.06.2011. With the above directions, the Writ Petition is disposed of. No costs. ______________________ GHULAM MOHAMMED, J _______________ K.G.SHANKAR, J Date:05.07.2011 Note: Issue CC forthwith. sj