HON'BLE SRI JUSTICE GHULAM MOHAMMED AND HON'BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION NO. 6014 OF 2011 Between: P. Chandrasekhar S/o P. V. Appa Rao ………….Petitioner AND The Union Bank of India, Head Office at Mumbai and two others ………….Respondents ORDER : (Per Hon'ble Sri Justice Ghulam Mohammed) Heard both sides and at their request the main Writ Petition is taken up for disposal at the stage of admission. This Writ Petition is filed challenging the action of the respondent-Bank in threatening to conduct auction of the petitioner’s property in bearing Flat No. 5, H.No. 2-103/7, 1st Floor, Sri Dharma Sastha apartments, St.No. 3, Vani Nagar, Malkajigiri, Hyderabad-47 without considering his representation dated 21.2.2011 seeking to grant time for payment of the outstanding amount, as illegal and arbitrary. Brief facts of the case are that the petitioner herein for the purpose of development of the business availed overdraft loan facility from the respondent-Bank to the tune of Rs. 2,50,000/- and deposited the title documents pertaining to his residential flat towards collateral security. It is stated that due to health reasons he could not pay the loan amount and committed default. Hence, the Bank issued a notice dated 25.10.2010 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 demanding him to pay an amount of Rs. 2,74,374/- in full within sixty days. Aggrieved by the same, the present Writ Petition is filed. The main grievance of the petitioner is that he submitted a representation dated 21.2.201, seeking time to pay the outstanding amount but without considering the representation submitted by the petitioner, the respondent-Bank is threatening to conduct the auction of the property of the petitioner in question. As the petitioner is ready and willing to pay the entire outstanding amount due to the Bank if some time is granted, without going into the merits or otherwise of the matter, there shall be interim direction not to proceed with the sale of the petitioner’s property in question on condition of the petitioner depositing 1,50,000/- (One Lakh Fifty Thousand) on or before 31st March 2011 and the remaining balance amount in two equal monthly instalments thereafter. Failure of any of the conditions mentioned above, the respondent-Bank is at liberty to proceed with the sale of the property in question. With the above observation, the Writ Petition is disposed of. There shall be no order as to costs. __________________________ GHULAM MOHAMMED, J _______________________ K.G. SHANKAR, J DATE: 14.03.2011 KA ... REGISTRAR // TRUE COPY // SECTION OFFICER To 1. 2 CD copies.