1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR Writ Petition No.4498/2010 [Atin J. Jaiswal and another .vrs. Union Bank of India and another] ................................................................................................................................................................... Office Notes, Office Memoranda of Coram, appearances, Court's orders Court's or Judge's order of directions and Registrar's orders ................................................................................................................................................................... CORAM : B.P. DHARMADHIKARI AND P.D. KODE, JJ. DATE : JULY 18, 2011. Heard Shri Shantanu Khedkar, learned counsel for the petitioners and Shri Gadkari, learned counsel for the respondents. The matter was heard in first half. Remedy of approaching Debt Recovery Tribunal under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is available to the petitioners. The petitioners have also shown their bonafides by stating that within a period of six weeks, the petitioners shall deposit with respondent no.1-Bank an amount of Rs. 2,00,000/- or more without prejudice to their rights and contentions in the matter. Shri Gadkari is opposing any such leave because presently amount in excess Rs.5,00,000/- is 2 outstanding. It is further urged that the petitioners are co-borrower in another loan and, therefore, action was required to be initiated. Shri Gadkari also points out that this action taken in relation to other loan amount has not been assailed in the present matter. As the loan borrowed by the petitioners is housing loan, we grant the petitioners time of six weeks to deposit amount of Rs.2,00,000/- with respondent no.1-Bank. The petitioners shall also file appropriate proceeding before Debt Recovery Tribunal within a period of three weeks from today and interims orders operating in their favour shall continue for a period of six weeks. If amount, as stipulated above, is not deposited, interim orders shall stand vacated automatically. In case amount is deposited, Debt Recovery Tribunal may consider continuation of interim orders in accordance with the law after hearing both the sides. With these directions and observations, the present writ petition is disposed of. JUDGE JUDGE Gulande