HON'BLE SRI JUSTICE GHULAM MOHAMMED AND HON'BLE SRI JUSTICE NOOTY RAMAMOHANA RAO WRIT PETITION NO. 29072 OF 2011 Between: Smt. G. Laxmiprasanna W/o G. Surendra and four others ………….PETITIONERS AND The Authorized Officer, State Bank of India and six others ………….Respondents ORDER (Per Hon'ble Sri Justice Ghulam Mohammed) The five petitioners, instituted this Writ Petition challenging the validity of the notice issued by the respondents 1 and 2 in terms of Sub Section (2) of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, proposing to take possession of Flats bearing Nos. 101, 102, 202, 301 and 302 in M/s V.C.Deluxe, Situated on Plot Nos. 45 and 46, Ward No. 45, Venkataramana Colony, Kurnool, as illegal. The petitioners submit that they are bonafide purchasers of the aforementioned flats, which were sold by the unofficial respondents. The un-official respondents are the borrowers of the respondents 1 and 2, Bankers. They appeared to have committed default in repaying the loan amount and consequently respondents 1 and 2 have proceeded against the borrowers, the unofficial respondents 3 to 7. In the process of realizing the loan amount, the respondents 1 and 2 have proposed to put to public auction the flats bearing Nos. 101, 102, 202, 301 and 302 in M/s V.C.Deluxe, Situated on Plot Nos. 45 and 46, Ward No. 45, Venkataramana Colony, Kurnool, purchased by them. It is submitted by the learned counsel for the petitioners that there are still seven flats, which are unsold available in the complex. Therefore, the respondents 1 and 2 may seek disposal of those seven flats at the first instance and appropriate the sale proceeds towards outstanding loan amount of the official respondents 3 to 7. Should there be any more amount lying outstanding, the petitioners could pool up necessary money and deposit the same with the respondents 1 and 2 with liberty to proceed against the unofficial respondents 3 to 7 for getting indemnified, for the damage and loss caused to the petitioners in that process. Without pronouncing any opinion on merits, we are clearly of the view that we cannot entertain the various contentions canvassed by the petitioners herein in this writ petition. But however, the suggestion of the petitioners deserves acceptance. Therefore, respondents 1 and 2 are directed to put to sale the flats, which are not yet sold in favour of the third parties, not constructed by the respondents 3 to 7 at the first instance. The sale proceeds may be appropriated to the loan account of the respondents 3 to 7 and the outstanding balance amount may then be intimated to the petitioners, so that they may liquidate the same within a further period of 30 days from the date of receipt of such notice. With the above observation, the Writ Petition stands disposed of. There shall be no order as to costs. ________________________ GHULAM MOHAMMED, J ________________________________ NOOTY RAMAMOHANA RAO, J DATE: 29.12.2011 KA Note: Furnish copy in two days. ... REGISTRAR // TRUE COPY // SECTION OFFICER To 1. 2 CD copies.