HON’BLE SRI JUSTICE ASHUTOSH MOHUNTA AND HON’BLE SRI JUSTICE P. DURGA PRASAD, J W.P. No. 23778 of 2011 DATED: 24.08.2011 Between: Chekuri Ramakrishna .. Petitioner And 1. State Bank of India 2. The Authorized Officer, State Bank of India 3. Pulivarthi Bhaskara Rao .. Respondents O R D E R :- (Per Hon’ble Sri Justice Ashutosh Mohunta) The petitioner asserts that the 3rd respondent is the owner and possessor of Flat No.104 with undivided share of land admeasuring 37 square yards out of 819 square yards on the first floor in the apartment known as “Pamulapati Heights” situated in D.No.169, T.S. No. 714, Block Nos.11 and 12, bearing D.Nos. 7-16-157 & 07.16-158, 10/4 Arundelpet, Konda Road, Guntur, Guntur District. It is further stated that as the 3rd respondent is not able to repay the loan properly, the petitioner entered into agreement of sale of the property in question with the petitioner for a sale consideration of Rs.15,30,000/- and the petitioner paid Rs.7,40,582/- towards part payment of the sale consideration. While so, it is stated that the 1st respondent issued a Notice for sale of property under SARFAESI Act by way of Sealed Tender-cum-Open Auction, dated 15.07.2011 proposing to conduct auction of the property in question. Then, the petitioner submitted a representation dated 20.08.2011 stating that he is willing to pay the balance amount and requested the Bank to stop the auction. Now, the petitioner’s grievance is that even though he made the representation, the 1st respondent-State Bank of India, in pursuance of the Notice dated 15.07.2011, is proposing to conduct the auction of the property on 25.08.2011. Hence, the present writ petition is filed seeking appropriate directions. The learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire outstanding loan amount as mentioned in Notice and also obtained two Demand Drafts for a sum of Rs.10,34,527/- and handed over them to the 1st respondent-Bank, but the Bank has refused to accept the Demand Drafts. Having heard the learned counsel for both the parties and perused the material placed on record, we deem it appropriate to dispose of the writ petition with the following directions: “The petitioner shall deposit an amount of Rs.10,34,527/- with respondent Nos.2 and 3 – State Bank of India, on 25.08.2011 by 10.00 A.M., and on receipt of the same, the Bank shall not go ahead with the tendering process / auction. The 1st respondent may inform the petitioner of the entire balance amount which is payable by the 3rd respondent and the petitioner shall pay the entire outstanding amount to the Bank within a period of two weeks from the date of intimation to him”. Accordingly, the writ petition is disposed of. No order as to costs. _____________________ ASHUTOSH MOHUNTA, J 24.08.2011 ___________________ P. DURGA PRASAD, J bcj