THE HON'BLE SRI JUSTICE GHULAM MOHAMMED and THE HON'BLE SRI JUSTICE G. CHANDRAIAH W.P.No.11967 of 2010 ORDER: (Per Sri Justice Ghulam Mohammed, J) The petitioner availed the housing loan for a sum of Rs.20 lakhs from the respondent Bank by mortgaging the property in question. Thereafter, he committed default in payment of the installments resulting the account being classified as non- performing asset as on 30.09.2009. It is stated that the petitioner having availed the housing loan, in fact utilized the same for commercial purpose by running a school in the said house. The respondent Bank issued notice, dated 09.10.2009, under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’) stating that though the petitioner availed the loan for housing purpose, upon inspection, it is noticed that the building is using for commercial purpose and therefore, the Bank is entitled for interest at 3% above BPLR plus 2% penal interest since inception and that the present outstanding amount is Rs.23,22,061/. The petitioner got issued a reply notice, dated 12.12.2007, for which, the respondent Bank gave reply vide notice, dated 21.12.2009 and thereafter, it has taken measures under Section 14 of the Act by filing Crl.M.P.No.720 of 2010 before the Chief Metropolitan Magistrate, Hyderabad. Hence, the petitioner filed the present writ petition seeking a Mandamus to declare the action of the respondent Bank in converting the house loan into commercial purpose and thereby adding additional interest without any notice to him and in issuing a notice under Section 13(2) of the Act, as illegal and arbitrary. 2. On 07.07.2010, this Court while admitting the writ petition, granted interim stay of all further proceedings on condition of the petitioner depositing a sum of Rs.10,00,000/-, out of which, a sum of Rs.5,00,000/- within two weeks from that date and the balance amount within two weeks thereafter. 3. When the matter is taken up for hearing today, the learned counsel for the petitioner submitted that the petitioner has complied with the said condition. He further submitted that the petitioner is ready and willing to pay the remaining outstanding amount to the satisfaction of the respondent Bank, if time is granted. 4. Considering the submission of the learned counsel for the petitioner, we direct the petitioner to deposit the entire outstanding amount within a period of four months from today to the satisfaction of the respondent Bank. Till such time, the respondent Bank shall not take any coercive steps against the property in question. If the petitioner commits any default, the respondent Bank is at liberty to proceed further in accordance with law. 5. With the above direction, the Writ Petition is disposed of. No costs. ______________________ GHULAM MOHAMMED, J _________________ G. CHANDRAIAH, J Date:11.08.2010 Note: Issue CC within one week. (Bo) sj