THE HON’BLE SRI JUSTICE N.V. RAMANA AND THE HON’BLE SRI JUSTICE P. DURGA PRASAD W.P. No. 26710 of 2011 Oral ORDER: (Per Sri. N.V. Ramana, J.) The petitioner filed this writ petition questioning the action of the respondent in issuing the notice dated 25.08.2011 under Rule 8(5) and Rule 9(1) of the Security Interest (Enforcement) Rules, 2002, for sale of the secured assets. The petitioner obtained loan from the respondent-bank. As he failed to repay the loan amount, the respondent initiated proceedings under the SARFAESI Act, for recovery of the loan amount. Ultimately, they issued the impugned notice for sale of the secured assets. The petitioner states that the respondent agreed for one time settlement of the loan account subject to the petitioner paying Rs.95,00,000/-. The petitioner states that he is ready and willing to pay the said amount, but it is his grievance that the respondent is demanding Rs.98,50,000/-. Hence, he seeks direction to the respondent to accept the amount of Rs.,95,00,000/- towards one time settlement of the loan amount. The relief sought by the petitioner cannot be granted. Since the respondent has already issued notice for sale of the secured assets, the remedy of the petitioner is to approach the Debts Recovery Tribunal, under Section 17 of the SARFAESI Act, and seek appropriate relief. The learned counsel for the petitioner agreed to move the Debts Recovery Tribunal, and prayed that till he files appeal, the sale notice be stayed. Having heard the learned counsel for the petitioner and the learned counsel for the respondent and considering the stand taken by the petitioner, we deem it appropriate to dispose of the writ petition with the following directions: The petitioner is at liberty to avail the remedy of appeal available to him under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal, within a period of two weeks from today. Till then, the interim order granted by this Court on 27.09.2011 shall continue as the petitioner paid the amount of Rs.20,00,000/- as directed by this Court therein. Accordingly, the writ petition is disposed of. No costs. ________________ N.V. RAMANA, J. _____________________ P. DURGA PRASAD, J. Dated: 19th December, 2011 KSR