IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE THIRTEENTH DAY OF MARCH TWO THOUSAND AND EIGHT PRESENT THE HON'BLE MR JUSTICE NOOTY RAMAMOHANA RAO WRIT PETITION NO : 5348 of 2008 Between: Madala Satya Prasad S/o nageswara Rao r/o Plot No. 173, Prasanth Nagar, Miryapur, R.R. District. ..... PETITIONER AND 1 Authorised Officer, State Bank of India, Stressed Assets Resolution Centre, nampally, Hyderabad. 2 The Branch Manager, State bank of India Hi-Tech City branch, Hi-Tech City, Hyderabad. .....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 issue order direction more particularly one in the nature of WRit of Mandamus decalre the proceedigns of the 1st respondnet dt 28-02-2008 passed under Rule 8 (1) and (2) of Security Interest (Enforcement) Rules 2002 as illegal arbitrary and contrary to the provisions of the securitisation and reconstruction of Financial Assets and Enforcement of Secuirty Interest Act and violative Principles of natural justice and consequentially set a side the same and to pass such furthr order or orders as are necessary inthe interest of justice. Counsel for the Petitioner:MR.P.R.K.AMERANDRA KUMAR Counsel for the Respondent No.: . The Court made the following : THE HON’BLE SRI JUSTICE NOOTY RAMAMOHANA RAO W.P.NO.5348 OF 2008 O R D E R: The petitioner in this writ petition seeks to call in question the notices published in Rule 8(1) and (2) of the Security Interest (Enforcement) Rules 2002. According to the writ petitioner, the total outstanding liability has been crystalised to Rs.17,13,360/-+ interest + expenses as of 01.11.2007. He in fact interested in liquidating this liability. He proposes to deposit a sum of Rs.10,00,000/- on or before 15.5.2008 with the respondent-bank. If the petitioner deposits a sum of Rs.10,00,000/- on or before 15.5.2008 and also submits a proposal to liquidate the balance amount within a further reasonable period of time not exceeding three moths thereafter, the first respondent will not proceed any further in the matter by putting the security to public auction. If the petitioner commits default either in depositing Rs.10,00,000/- before 15.5.2008 or fails to come up with any proposal to liquidate the balance outstanding liability also within a reasonable time thereafter, it will be open to the bank to proceed in the matter in accordance with law. With this, the writ petition is stands disposed of. No order as to costs. ___________________________ NOOTY RAMAMOHANA RAO,J 13th March, 2008 PNV To 1 The Authorised Officer, State Bank of India, Stressed Assets Resolution Centre, nampally, Hyderabad. 2 The Branch Manager, State bank of India Hi-Tech City branch, Hi-Tech City, Hyderabad. 3.2CD copies