HON’BLE SRI JUSTICE B. PRAKASH RAO and HON’BLE SRI JUSTICE B.N. RAO NALLA W.P. No. 20465 of 2010 Between: M/s. Sudhamsu Enterprises …. Petitioner Vs. Indian Bank Limited …. Respondent O R D E R: (per Hon’ble Sri Justice B.Prakash Rao) Heard Sri Srinivas Chitturu, learned counsel for the petitioner and Sri K.Subrahmanyam, learned counsel for the respondent- caveator and at their request, the main writ petition itself is taken up for disposal. The case of the petitioner-M/s.Sudhamsu Enterprises, which is engaged in the business of quarrying, polishing and marketing of granites, is that it availed Secured Overdraft limit of Rs.100.00 lakhs and Packing Credit limit of Rs.50.00 lakhs, amounting in toto to a sum of Rs.150.00 lakhs from the respondent-Indian Bank and created equitable mortgage over the schedule property in favour of the respondent. While so, according to the petitioner, as it suffered a set back in business, it defaulted in repayment of loan, and the respondent-bank took symbolic possession of the schedule property and issued Possession Notice dated 05.08.2010, contrary to the statutory requirement. Then, the petitioner made representations for settlement or regularisation of its account, but the respondent, without considering the representations, issued Sale Notice dated 21.08.2010 fixing the date of sale of the property by way of auction as 23.09.2010. Then, the petitioner preferred S.A.No.204 of 2010 along with an application for stay of Sale Notice dated 21.08.2010, but the Debts Recovery Tribunal, Hyderabad, vide its Docket Order dated 17.09.2010, dismissed the application in I.A. No.842 of 2010. Aggrieved by the same, the petitioner has filed this writ petition assailing the correctness of the auction in pursuance of Sale Notice dated 21.08.2010 and seeking a direction to the respondent-bank to cancel the auction. The contentions put forth by the learned counsel for both the parties are sought to be on merits, but the fact remains that as pointed out by both the learned counsel, pending disposal of S.A.No.204 of 2010, the application for stay of auction in pursuance of the Sale Notice, was dismissed and the respondent was directed to proceed with the auction sale of the schedule property, as per the Docket Order dated 17.09.2010 passed in I.A. No.842 of 2010. However, having regard to the submissions made by both the learned counsel and in view of the dismissal of the application for stay of auction, we feel that it would suffice in the interest of justice, to grant stay of auction of the schedule property and further proceedings in pursuance of the Sale Notice dated 21.08.2010, pending adjudication of the appeal in S.A. No. 204 of 2010, subject to the condition that the petitioner deposits a sum of Rs.25,00,000/-, within a period of six weeks from today, and on such deposit, the Debts Recovery Tribunal, Hyderabad is directed to consider and dispose of S.A. No.204 of 2010 on merits in accordance with law, within a period of three weeks thereafter. With the above direction, this writ petition is disposed of at the admission stage. No order as to costs. __________________ B. PRAKASH RAO, J 21-09-2010 _________________ B.N. RAO NALLA, J bcj