IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE EIGHTEENTH DAY OF JUNE TWO THOUSAND AND NINE PRESENT THE HON'BLE MR JUSTICE GHULAM MOHAMMED and THE HON'BLE MR JUSTICE VILAS V. AFZULPURKAR WRIT PETITION NO : 27563 of 2007 Between: 1 V. Ravindrudu, S/o. subrahmanayma, R/o. 1-3-20/35, Rajiv Enclave, Yellareddyguda, Kapra, Hyderabad. 2 Smt. V. Mary Gold, W/o. Ravindrudu, R/o. 1-3-20/35, Rajiv Enclave, Yellareddyguda, Kapra, Hyderabad. 3 Smt. I. Siporamma, W/o. Steefen, R/o. B-28, Saipuri Colony, Sainikpuri, Secunderabad. ..... PETITIONER(S) AND 1 Authorized Officer, IND Bak Housing Limited, 408, Annasalai, III Floor, Nandanam, Chennai - 600035. 2 The Branch Manager, IND Bank Housing Limited, Himayathnagar Branch, Hyderabad. 3 The Managing Director, IND Bank Housing Limited, 408, Annasalai, III Floor, Nandanam, Chennai-600 035. .....RESPONDENT(S) Petition under Article 226 of the constitution of India praying that in the circumstances stated in the Affidavit filed herein the High Court will be pleased to to issue a Writ order or direction particularly one in the nature of Writ of Mandamus declaring action of the first respondents in issuing notice dated 30/10/2007 under Section 13(2) of the Securitization and reconstruction of financial assets and enforcement of security interest of 2002 as illegal arbitrary and contrary to the spirit of act issued and consequently seeking a direction to set aside the impugned proceedings and pass Counsel for the Petitioner:MR.V.RAGHU Counsel for the Respondent No.: MR.AMBADIPUDI SATYANARAYANA The Court made the following : ORDER: (Per Sri Justice GHULAM MOHAMMED) This Writ Petition has been filed seeking Writ of Mandamus declaring the action of the respondents in issuing notice dated 30.10.2007 under Section 13(2) of the SRFAESI Act, 2002 (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as illegal and arbitrary and consequently to set aside the same. Brief facts of the case are that the Bank field O.S.No. 678 of 1998 against the petitioners for recovery of an amount of Rs. 3,18,450/- on the file of IV Additional Senior Civil Judge (FTC), R. R. District and the same is decreed on 17.1.2005 for an amount of Rs. 3,18,450/- with interest at the rate of 12% per annum from the date of realization. Aggrieved by the same petitioners filed A.S.No. 236 o 2007 before this Court. Pending disposal of the appeal, this court passed the following order: “The petitioners herein are the defendants in O.S.No. 678 of 1998 filed by the respondent-Bank for recovery of money which was decreed by a judgment, dated 17.1.2005 for a sum of Rs. 3,18,450/- with future interest at the rate of 12% per annum from the date of the suit till realization. Having regard to the facts and circumstances of the case, there shall be an interim stay of all further proceedings on condition that the petitioners, who are the defendants in the suit pay half of the decretal amount and the costs of the suit, within six weeks from today, in default , the interim stay shall stand vacated without further reference to this Court. On such deposit, the respondent-bank is permitted to withdraw the same without furnishing any security.” Be that as it may, with the consent of both the counsel, the petitioners are directed to pay the entire decretal amount together with interest as directed by the lower court in O.S.No. 678 of 1998 after giving credit to the amount already deposited as per the directions given by this Court in A.S.No. 226 of 2005, within a period of two months from today. In default the respondent-bank is at liberty to proceed under A.P. Provincial Insolvency Act, 1920. Accordingly, the Writ Petition is disposed of. There shall be no order as to costs. _____________________________ GHULAM MOHAMMED, J ______________________________ VILAS V. AFZULPURKAR,J Dt. 18.06.2009 KA ..... REGISTRAR // TRUE COPY // SECTION OFFICER To 1. 2 CD Copies