THE HON'BLE SRI JUSTICE GHULAM MOHAMMED AND THE HON’BLE SRI JUSTICE K.G.SHANKAR W.P.No.5930 of 2011 ORDER: (Per Sri Justice Ghulam Mohammed) The petitioner availed loan facility from the respondent-Bank by mortgaging the property in question. Since he defaulted in repayment of loan amount, the respondent issued notices under Sections 13(2) and 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’) on 04.11.2010 and 06.01.2011 respectively. Challenging the said notices, the petitioner filed appeal along with an application for stay of all further proceedings before the Debts Recovery Tribunal, Hyderabad. He states that the stay application is pending before the Tribunal due to non-constitution of regular Bench and the respondent is proceeding to take possession of the property in question. Hence, he filed the present writ petition seeking to set aside the notice, dated 06.01.2011, issued by the respondent. 2. Heard the learned counsel for the petitioner and the learned Standing Counsel for the respondent-Bank. 3. Learned counsel for the petitioner submitted that immediately after receipt of the demand notice, the petitioner paid a sum of Rs.1 lakh to the credit of the loan account and now, he is ready to deposit another sum of Rs.2,00,000/- if some more time is granted. 4. Learned Standing Counsel for the respondent-Bank submitted that the total outstanding amount due by the petitioner is Rs.16,97,223/- as per the notice impugned. 5. In view of the fact that the appeal as well as the stay application is pending before the Tribunal and the petitioner has already deposited a sum of Rs.1,00,000/- and now, he is ready to pay another sum of Rs.2,00,000/- to the credit of the loan account, we feel that it is a fit case to give one more opportunity to the petitioner. However, having regard to the facts and circumstances of the case, the Tribunal is directed to dispose of the stay application, expeditiously, within a period of three weeks from today. Till such time, there shall be stay of the notice impugned on condition of the petitioner depositing a sum of Rs.2,00,000/- (Rupees two lakhs only) within a period of three weeks from today. In default of such payment, the stay shall stand vacated and the respondent-Bank shall proceed further in accordance with law. 6. With the above directions, the Writ Petition is disposed of. No order as to costs. _____________________ GHULAM MOHAMMED, J ________________ K.G. SHANKAR, J Date:09.03.2011. Note: Issue operative portion of the order by wire at partys’ costs. (Bo) SJ