THE HON'BLE MR JUSTICE GHULAM MOHAMMED and THE HON'BLE MR JUSTICE K.G.SHANKAR W.P.No.3065 of 2011 ORDER: (Per Sri Justice Ghulam Mohammed, J) The petitioner availed the education loan for a sum of Rs.15,00,000/-from the respondent bank on 01.03.2007 by mortgaging his house property bearing No.D.No.63-3-26, Plot No.70, Gullalapalem Village, Jawaharnagar, Visakhapatnam, agreeing to repay the same after his daughter getting the job. He paid a sum of Rs.90,000/- on two occasions towards the loan amount. While so, the respondent Bank issued notices under Sections 13(2) and 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’). Therefore, he filed S.A.No.2 of 2011 along with the stay application before the Debts Recovery Tribunal, Visakhapatnam, and the same is pending. The respondent Bank issued notice, dated 04.01.2011 under Section 8(6) of the Security Interest (Enforcement) Rules, 2002 for sale of the secured assets. The grievance of the petitioner is that though the stay application is pending adjudication before the Debts Recovery Tribunal, Visakhapatnam, the action of the respondent Bank in proceeding with the sale of the property in question by way of sale notice, dated 04.01.2011, is illegal and arbitrary. Hence, he filed the present writ petition. 2. Heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent-Bank. 3. In view of the fact that the stay petition filed along with S.A.No.2 of 2011 is pending before the Debts Recovery Tribunal, Visakhapatnam, without going into the merits of the matter, we deem it appropriate to direct the Debts Recovery Tribunal, Visakhapatnam, to dispose of the stay petition, within a period of three weeks from today. The petitioner shall pay a sum of Rs.2,00,000/-(Rupees two lakhs only), within a period of two weeks from today. Till disposal of the stay petition, the respondent-Bank shall not proceed with the auction of the property in question. 4. With the above directions, the Writ Petition is disposed of. No costs. ______________________ GHULAM MOHAMMED, J _______________ K.G.SHANKAR, J Date:14.02.2011 Note: Issue CC forthwith. sj