THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD WRIT PETITION NO :19301 of 2011 Dated: 12.10.2011 Between: 1. M/s Central India Packaging Co. Pvt.Ltd rep., by its Managing Director and others. ..Petitioners And 1. UCO Bank rep., by its Authorized Officer and another. ..Respondents This Court made the following: THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P.No.19301 of 2011 ORDER: (Per Hon’ble Sri Justice P. Durga Prasad) This writ petition is filed questioning the notice issued under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and also the possession notice dated 27.6.2011 issued under Rule 8(1) of Security Interest Rules, 2002. On 11.7.2011, while admitting the writ petition, this Court granted interim stay of all further proceedings in pursuance of the Possession Notice dated 27.6.2011 subject to the condition of the petitioners depositing an amount of Rs.50,00,000/- with the respondent-Bank, within a period of four weeks, failing which the respondent-Bank is permitted to proceed against the petitioners in accordance with law. The matter came up after two months. Now, the petitioners filed an application stating that they could not comply with the conditional order and they deposited only Rs.10,00,000/-, and seeking extension of time for payment of the balance amount. The petitioners are only challenging the notice issued under Section 13(2) of the SARFAESI Act, and the possession notice and they are having a remedy to question the same under Section 17 of the Act, but without availing such effective and alternate remedy, they filed the present writ petition. In view of the same, we are not inclined to entertain this writ petition. At this stage, the learned Counsel for the petitioners submitted that the petitioners want to approach the Debt Recovery Tribunal for appropriate relief. Hence, the writ petition is dismissed with a permission to the petitioners to approach the Debt Recovery Tribunal for seeking necessary reliefs. In the facts and circumstances of the case, we feel it appropriate to continue the interim stay granted by this Court on 11.7.2011 for a period of one week from today. No order as to costs. __________________ Justice N.V. Ramana DATE: 12.10.2011 ____________________ Justice P. Durga Prasad nn THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P.No.19301 of 2011 (Order delivered by the Hon’ble Sri Justice P. Durga Prasad) 12.10.2011 Nn