-1- IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO. 76 OF 2009 IN WRIT PETITION NO. 2842 OF 2008 Sandeep B Umralkar and another ).. Petitioners Versus The Mahanagar Co-operative Bank Ltd. & ors. ).. Respondents Mr V R Dhond i/b M/s T N Tripathi & Co. for the Petitioners. Mr B G Vaidya for Respondent No.1. Mr J S Saluja, Assistant Government Pleader, for the State. CORAM : SWATANTER KUMAR, C.J. & DR. D.Y. CHANDRACHUD, J. DATED : 17TH FEBURARY 2009 P.C. We have heard the learned Counsel appearing for the parties. We dispose of this Notice of Motion with the observations that the letter of the financial institution dated 20th December 2008 shall be treated as a letter taking formal possession of the property. Therefore, in our opinion, the Petitioners would be entitled to one week from today. Further, it is commonly conceded before us that physical possession of the property has already been taken. Thus, for a period of one week, the status quo as of today shall be maintained and the Bank will not create any third party interest in the property. Liberty to the Petitioners to move the Debt -2- Recovery Tribunal within two weeks from today. We make it clear that the Petitioners shall also be at liberty to pray for restoration of the possession before the Tribunal. Notice of Motion disposed of accordingly. No order as to the costs. CHIEF JUSTICE DR. D Y CHANDRACHUD, J.