THE HONOURABLE SRI JUSTICE GHULAM MOHAMMED And THE HONOURABLE SRI JUSTICE G. CHANDRAIAH W.P. No.17670 of 2010 ORDER: (Per the Hon’ble Sri Justice Ghulam Mohammed) The petitioner-company is the borrower of the respondent-Bank and it filed the writ petition challenging the notice dated 12.05.2009 issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. We have heard both the counsel at length and it is represented that the petitioner is willing to make the payment. Hence, we asked the counsel for the petitioner to file an affidavit giving undertaking as to the payment schedule of the amount due to the Bank. Accordingly, Sri Yalamanchi Sriramachandra Mouli, one of the Directors of the petitioner, filed affidavit, on his behalf and also on behalf of other Directors, undertaking to make the payment. The said affidavit reads as under: “ I Yalamanchi Sriramachandra Mouli, S/o. Late y.V.Krishnaiah, R/o.C-10, Panchavati Housing C om plex , Sheela nagar, Visakapatnam now temporarily come down to Hyderabad, do hereby solemnly affirm and state as follows. 1. I am one of the Directors of the petitioner- company herein and as such I am well acquainted with the facts of the case. I am deposing this affidavit on behalf of the other directors also. 2. I respectfully submit that during the course of the arguments of the above Writ Petition, on my instructions, my counsel requested this Hon’ble Court to grant some time for making part payment of the outstanding due to the Respondent bank. On his request this Hon’ble court adjourned the matter to enable me to place on record the payment schedule. 3. In respectfully submit that I hereby undertake to pay an amount of Rs.1 Crore within 3 months from today and clear off the entire outstanding amount within 6 months. I humbly request this Hon’ble court to accept my undertaking in this regard, and pass such other order or orders as are deemed fit and proper in the circumstances of the case.” Considering the above affidavit and having regard to the facts and circumstances and without going into the merits of the case, we dispose of the writ petition with the following direction: The petitioner shall pay an amount of Rs.1,00,00,000/- (rupees one crore only) within a period of six weeks from today and the remaining entire outstanding due, within a period of four months thereafter. In case of default in making the payment within the period granted by this Court, the Bank is at liberty to proceed against the petitioner-Company, in accordance with law. No order as to costs. ________________________________ JUSTICE GHULAM MOHAMMED ___________________________ JUSTICE G. CHANDRAIAH Date: 03.08.2010 AVS/LSK