THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION 23599 of 2010 Between: M/s. Shakthi Industries ..... PETITIONER(S) AND .....RESPONDENT(S) THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION 23599 of 2010 ORDER: (per HON'BLE SRI JUSTICE GHULAM MOHAMMED) 1) The petitioner is a partnership firm conducting business in manufacturing Ayurvedic nut powder and other allied products and it availed credit facility from the respondent bank for a sum of Rs.1,60,00,000/-. The present writ petition has been filed challenging the action of the respondents in issuing possession notice under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter for short referred to as ‘the Act’) without considering the objections of the petitioners. 2) When the matter is taken up for consideration, it is represented by the learned counsel for both the sides that petitioners were given extention of time for repayment of the amount till 24-12-2010 by letter dated 18-12-2010 pursuant to the one time settlement offer. 3) Considering the above circumstances the petitioners are granted three weeks further time for complying with the above settlement offer, failing which the bank is at liberty to proceed with the matter as per law. 4) With the above directions, the writ petition is disposed of. No costs. ________________________ GHULAM MOHAMMED, J. ________________ KK/31-1-11 K.G.SHANKER, J. THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION 23599 of 2010 31-1-2011