IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No. 16269 of 2011 Date of decision:7th September, 2011 M/s Navdeep Bioceuticals, Hill Top Industrial Estate, Jharmajri, EPIP, Phase-I (Ext.), Bhatoli Kalan, Baddi .......Petitioner Versus The Indian Overseas Bank, SCO 50, Sector-9, Panchkula and another ........Respondents CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE VIJENDER SINGH MALIK Present: Mr. Vivek Goyal, Advocate for the petitioner(s). Hemant Gupta, J.(Oral) The petitioner has sought a writ of mandamus directing the respondents to consider the proposal submitted by the petitioner for one time settlement of loan accounts and not to proceed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the Act”. The petitioner has been served with a notice under Section 13(2) of the Act on 8.04.2011. From the averments made in the petition, it transpires that the notice under section 13(4) of the Act has not been served upon the petitioner so far. Since the proceedings under the Act has been initiated, there cannot be any direction not to proceed with the proceedings under the Act. In view of the above, we dismiss the present writ petition Civil Writ Petition No. 16269 of 2011 with liberty to the petitioner to avail the alternative remedy, against the action taken under the Act, in accordance with law. [HEMANT GUPTA] JUDGE [VIJENDER SINGH MALIK] JUDGE 7th September, 2011 Shivani Kaushik 2