HON'BLE SRI JUSTICE GHULAM MOHAMMED AND HON'BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION NO. 7513 OF 2011 Between: N. Rajendra Prakash, S/o Hari Prakash Neemkar ………….Petitioner AND The Chief Manager, Syndicate Bank ………….Respondent ORDER: (Per Hon'ble Sri Justice Ghulam Mohammed) This Writ Petition has been filed seeking to issue an order particularly one in the nature of Writ of Mandamus declaring the action of the respondent-Bank in issuing the impugned order of seizure dated 17.3.2011 under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “the SRFAESI Act”) as illegal and arbitrary. Brief facts of the case are that the petitioner herein availed working capital loan of Rs. 9.75 lakhs on 25.3.2008 by keeping movable property as security. It is stated that subsequently, he committed default in payment. Hence, the bank issued possession notice under Section 13(4) of the SRFAESI Act. Aggrieved by the same, the present Writ Petition is filed. The main grievance of the petitioner is that earlier the bank has given OTS facility to clear off the debt, but due to unavoidable circumstances, the petitioner could not repay the amount and now he is prepared to clear off the entire amount due to the respondent-Bank if some time is given under OTS scheme. As the petitioner is willing to pay the entire amount due to the Bank if some time is given, the petitioner is directed to pay Rs. 4,00,000/- (Rupees Four Lakhs Only) within a period of two weeks from today and the balance due and payable to the respondent-Bank in three equal monthly instalments thereafter. Till such time, there shall be interim stay of operation of the impugned proceedings dated 17.3.2011 of the respondent-Bank. Failure of any of the conditions mentioned above, the respondent- Bank is at liberty to proceed against the petitioner in accordance with law. Accordingly, the Writ Petition is disposed of. There shall be no order as to costs. ________________________ GHULAM MOHAMMED, J _____________________ K.G. SHANKAR, J DATE: 28.03.2011 KA ... REGISTRAR // TRUE COPY // SECTION OFFICER To 1. 2 CD copies.