THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION No.3069 of 2011 Between: M/s. Bhagyalakshmi Extractions ..... PETITIONER(S) AND .....RESPONDENT(S) THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION No.3069 of 2011 ORDER: (per HON'BLE SRI JUSTICE GHULAM MOHAMMED) 1) This writ petition has been filed challenging the sale notice dated 22-1-2011 issued by the respondent-bank for the sale of the lands belonging to the petitioner. 2) According to the petitioner, the respondent-bank had sanctioned a term loan of Rs.20 lakhs and working capital loan of Rs.1,75,00,000/- on 20-10-2007 and that the petitioner has been paying the installment amounts promptly till 30-6-2010. It appears the Chief Manager of the Bank visited the premises of the factory and stopped the running of the factory on the ground that sufficient stocks are not available in the premises. Subsequently, the respondent bank issued notice under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter for short referred to as ‘the Act’) on 2-9-2010 to the borrowers, guarantors and the mortgagers. According to the petitioner, initiating the proceedings under section 13(2) of the Act without giving proper details and thereafter taking possession of the asset and sale notice is totally unjustified. 3) It is however, submitted by the learned counsel for the petitioner that the partnership firm is reconstituted as a new firm by taking three other new partners and that if some more time is granted they are ready to clear the entire liability. 4) Considering the submission of the learned Standing Counsel for the bank that the amount payable is about 3.50 crores and odd, in the circumstances, without going into merits or otherwise of the matter, we are inclined to dispose of the writ petition directing the petitioner to pay Rs.1,00,00,000/- ( one crore only ) within three weeks from today, and on such payment the bank is directed to allow the petitioner to operate his firm. It is further ordered that the petitioner shall also clear the remaining due amounts in four monthly installments. Failing to comply with any of the conditions, the respondent-bank is at liberty to proceed further with the matter. 5) Subject to above directions, the writ petition is disposed of. No costs. ________________________ GHULAM MOHAMMED, J. __________________ KK/14-2-2010 K.G.SHANKER, J. THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON’BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION No.3069 of 2011