THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P. No.10745 OF 2008 9.8.2011 Between: Sri Venkateswara Agencies rep., by its Proprietor ..Petitioner Vs. 1. The Reserve Bank of India, rep., by its Chief General Manager and others. .. Respondents This Court made the following: THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P. No.10745 OF 2008 ORDER: (Per the Hon’ble Sri Justice N.V. Ramana) Challenging the notice issued by the respondent-Bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the petitioner filed the present writ petition on the ground that he took the loan for agricultural purpose by mortgaging the agricultural property as well as the agricultural properties of the guarantors and the SARFAESI Act does not apply and therefore, issuance of notice impugned herein is illegal and arbitrary. The respondent-Bank filed counter denying the averments made by the petitioner and contending that the loan availed by the petitioner is not under agricultural category and that the loan was sanctioned to the petitioner for the purpose of his business activities and the properties mortgaged are residential plots. When the matter is coming up for hearing, both the Counsel brought to the notice of this Court that for recovery of money from the petitioner, the respondent-Bank filed O.A.No.20 of 2011 before the Debt Recovery Tribunal, Visakhapatnam and the petitioner agreed to pay the amount in one term settlement and 50% of the amount has already been deposited and rest of the amount is agreed to be paid by the end of September, 2011. In the above circumstances, we feel that no orders are necessary in this writ petition. Accordingly, the writ petition is closed. _______________ N.V.RAMANA, J ___________________ P. DURGA PRASAD, J Dated: 9.8.2011 Nn THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P. No.10745 OF 2008 (Order delivered by the Hon’ble Sri Justice N.V. Ramana) 9.8.2011 Nn