IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE THIRD DAY OF JULY TWO THOUSAND AND EIGHT PRESENT THE HON'BLE MR JUSTICE B.SESHASAYANA REDDY WRIT PETITION NO : 6792 of 2008 Between: M/s.Invent Agro Products Pvt Ltd., Nagayalanka Road Chellapalli (V&M), rep.by its Managing Director Y.Diwakar, S/o.Ramarao aged 51 years ..... PETITIONER AND 1 The Allahabad Bank, rep.by its Authorized officer Dy.General Manager, Allahabad Bank Zonal office Main Road, Himayathnagar,Hyderabad 2 The Branch Manager, Allahabad Bank, Machilipatnam Branch,At Machilipatnam,Krishna District 3 Sri Urimi Prabhkar Rao S/o.Not known to the petitioner R/o.C/o.Prabhakar Rice Mill Challapalli (V&M),Krishna District .....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 or direction preferably a writ of mandamus declaring the action of the respondents in issuing sale notification public auction dated 16.2.2008 and accepting bid of 3rd respondent for only Rs,84,00,000/- on 24.3.2008 as illegal, arbitrary, and violative of principles of natural justice and consequently set aside the same and further direct the respondent bank to extend time in favour of the petitioner for payment of OTS amount and pass Counsel for the Petitioner: MR.KOWTURU VINAYA KUMAR Counsel for the Respondent No.: . The Court made the following : O R D E R: This writ petition has been filed by the petitioner-company seeking a writ of mandamus to declare the action of the respondents in issuing sale notification dated 16.2.2008 and accepting the bid of 3rd respondent for only Rs.84,00,000/- on 24.3.2008 as illegal and arbitrary. This writ petition came to be admitted on 11.6.2008 and an interim order also came to be passed on the same day. Respondents entered appearance and filed counter and moved WVMP.No.1805 of 2008. When the vacate stay petition came up for consideration both the parties consented for disposal of the main writ petition itself. Heard learned counsel appearing for the petitioner and learned counsel appearing for respondents 1 and 2. Indisputably the statutory remedy is available under section 17 of Securatisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to challenge the order impugned in this writ petition. In that view of the matter, this writ petition is disposed of directing the petitioner to avail the statutory remedy available under section 17 of Securatisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. There shall be status-quo of all further proceedings pursuant to the impugned sale notification in the writ petition till 14.7.2008. 3-7-2008. (B.Seshasayana Reddy,J) cc in two days. tnb ASSISTANT REGISTRAR // TRUE COPY // SECTION OFFICER To 1.2CCs to 2.2CD copies Form-NIC-OGS/WP{TRK} THE HONOURABLE SRI JUSTICE B.SESHASAYANA REDDY WRIT PETITION NO. 6792 OF 2008 DATED: 3-07-2008/