THE HON’BLE SRI JUSTICE GHULAM MOHAMMED AND THE HON’BLE SRI JUSTICE N.R.L.NAGESWARA RAO W.P.No.4302 of 2011 ORDER: ( PER GM,J) This writ petition is filed to declare the action of the respondent- bank in interfering with the possession and enjoyment of the petitioner over the property bearing D.No.07-12-24, Arundelpet, Valluvarithora, Guntur without considering his representation dated 27.12.2010 as illegal and arbitrary. It is the case of the petitioner that during August, 2007 M/s. Sri Lakshmi Narasimha Cotton Traders, for which his wife is the Proprietor, approached the respondent-bank and obtained a loan of Rs.32,00,000/- and he stood as guarantor for the said loan and has also mortgaged his property. As M/s. Sri Lakshmi Narasimha Cotton Traders could not repay the loan amount, during August, 2009, the petitioner received notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “the Act”) demanding to pay an amount of Rs.34,98,028.36 ps. together with interest from 01.06.2009 within 60 days from the date of the receipt of notice. They also received another notice under Section 13(4) of the Act dated 25.11.2009 directing the petitioner to handover the possession of the schedule property or else the bank shall take possession of the schedule property as per the date and time mentioned in the said notice. While so, during January, 2010 one advocate by name Ms. Y.Parvathi came to the schedule property with a copy of the order said to have been passed by the Chief Metropolitan Magistrate-cum-Principal Assistant Sessions Judge, Guntur under Section 14 of the Act directing her to take possession of the schedule property, on an application filed by the respondent-bank under Section 14 of the Act. Pursuant to the same, it is stated that the petitioner paid an amount of Rs.5,00,000/- on 30.03.2010. Learned counsel for the petitioner submits that the petitioner is willing to pay the entire amount in instalments provided sufficient time is granted to him. In view of the fact that the petitioner is already stated to have deposited Rs.5,00,000/- and is now willing to repay the entire amount in instalments as stated by the learned counsel for the petitioner, without going into the merits of the case, we direct the petitioner to pay half of the amount outstanding within a period of four weeks and on such payment being made, the bank is directed not to proceed against the petitioner. Insofar as remaining amount due and payable to the bank is concerned, the same shall be paid within a period of two months thereafter, in default, the bank is at liberty to proceed against the petitioner in accordance with law. The writ petition is accordingly disposed of. No costs. GHULAM MOHAMMED,J N.R.L.NAGESWARA RAO,J Dt.23.02.2011 lvl THE HON’BLE SRI JUSTICE GHULAM MOHAMMED AND THE HON’BLE SRI JUSTICE N.R.L.NAGESWARA RAO W.P.No.4302 of 2011 ( PER GM,J) Dt. 23.02.2011