IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE TWENTY FIFTH DAY OF AUGUST TWO THOUSAND AND EIGHT PRESENT THE HON'BLE MR JUSTICE B.SESHASAYANA REDDY WRIT PETITION NO : 22698 of 2007 Between: Mohammed Azizuddin s/o.Late Mohd.Moinuddin r/o.Flat No.509, Falcon Enclave, premises bearing MCH.No.10-4-39, Masab Tank,Hyderabad ..... PETITIONER AND 1 Jammu & Kashmir Bank Limited, Zonal office (south) Bangalore 2 The Branch Manager, Jammu aand Kashmir Bank Limited Pattergatti branch, Hyderabad .....RESPONDENT(S) Petition under Article 226 of the constitution of India praying that in the circumstances stated in the Aﬃdavit ﬁled herein the High Court will be pleased to to issue writ order or direction more particualrly one in the nature of writ of mandamus declaring the action of the respondents herein in threatening to dispossess the petitioner and conduct auction of his property bearing Flat No.509 Falcon Enclave , premises bearing MCH.No.10-4-39,Masab tank Hyderabad, pursuant to the possession notice dated 22.9.2007 issued by the respondents despite receiving an amount of Rs.4,00,000/- on 10.10.2007 as illegal, arbitrary, against to the principles of natural justice and consequently direct the respondents to grant reasonable time to the petitioer to pay the balance outstanding loan amount and to grant such other relief or reliefs as this Hon`ble court deems ﬁt and proper in the circumstances of the case Counsel for the Petitioner:MR.M.LAYEEQ KHAN Counsel for the Respondent No.: SMT.E.S.V.B.MADHAVI The Court made the following : O R D E R: This Writ Petition has been ﬁled by Mohammed Azizuddin assailing the possession notice dated 22.9.2007 issued by the 1st respondent. The petitioner is the owner of Flat No.509, Falcon Enclave in premises bearing MCH.No.10-4-39, Masab Tank, Hyderabad. He claims to have the said ﬂat under agreement cum GPA on 5.1.2007. According to him, the original owner of the premises put him in possession after receiving an amount of Rs.8.00 lakhs out of the total sale consideration of Rs.8.50 lakhs. His vendors informed him of their availing a loan of Rs.3.00 lakhs by creating equitable mortgage of original title deeds. It is the version of the petitioner that that he was under the impression that his vendors would clear the entire loan amount and hand over the original title deeds. While so, the respondents issued possession notice dated 20.9.2007 under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The said possession notice is challenged in this writ petition. Heard learned counsel appearing for the petitioner and perused the material placed on record. Learned counsel appearing for the petitioner submits that the petitioner paid Rs.8.00 lakhs out of the total sale consideration of Rs.8.50 lakhs to the original owner and that the original owner having undertaken to handover the title deeds failed to perform his part of the contract and thereupon he ﬁled a suit for speciﬁc performance of the agreement of sale. A fact remains that the ﬂat in question is mortgaged with 1st respondent and 1st respondent proceeded to invoke the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is evident from the possession notice that it is preceded by a notice under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. If the petitioner is aggrieved by the possession notice he has to work out his remedy by ﬁling an appeal as provided under section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In that view of the matter, this writ petition is disposed of reserving liberty to the petitioner to ﬁle an appeal as provided under section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. There shall be status quo existing as on today for a period of three weeks so as to enable the petitioner to avail the remedy under section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. No costs. 25th August, 2008. (B.Seshasayana Reddy,J) Cc in two days. tnb ASSISTANT REGISTRAR // TRUE COPY // SECTION OFFICER To 1.2CCs to 2.2CD copies Form-NIC-OGS/WP{TRK} THE HONOURABLE SRI JUSTICE B.SESHASAYANA REDDY WRIT PETITION NO.22698 OF 2007 25T H AUGUST, 2008