THE HON’BLE SRI JUSTICE A.GOPAL REDDY AND THE HON’BLE SRI JUSTICE NOUSHAD ALI Writ Petition No. 268 of 2010 (Per AGR,J) Date : 19-01-2010 Between : M.Subramanyam .. Petitioner And Authorised Officer, Andhra Bank, Balanagar Branch, R.R.District. .. Respondent THE HON’BLE SRI JUSTICE A.GOPAL REDDY AND THE HON’BLE SRI JUSTICE NOUSHAD ALI Writ Petition No. 268 of 2010 ORDER : (Per AGR,J) -- The petitioner-borrower filed this Writ Petition questioning the Notice issued under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, ‘SARFAESI Act’). According to the petitioner, he availed a loan of Rs.5,25,000/- in the year 2000, which is repayable in 10 years @ Rs.6,800/- per month at agreed rate of interest of 12% per annum and repaid an amount of Rs.6,00,000/- so far and as per the repayment schedule, the period of 10 years will be over by 2010. The petitioner has obtained statement of accounts from 01-01-2000 to 11-04-2007. According to the said statement, there is a balance of Rs.4,40,705/-. After April, 2007, the petitioner made some payments, therefore, bank has shown an amount of Rs.3,88,679/- in the Demand Notice issued under Section 13 (2) of SARFAESI Act, which cannot be invoked since payment schedule period is over by 2010 and hence, the same is liable to be set aside. It is now clearly well settled that Notice under Section 13(2) of SARFAESI Act operates as an attachment of non-performing asset, whereby the borrower is injuncted from disposing of the secured asset. If the petitioner has any objection to the amount shown in the notice, he can file an objection under Section 13 (3A) of SARFAESI Act. On disposing of the objections by a reasoned order, if any proceedings are taken under Section 13 (4) of SARFAESI Act, the petitioner can avail the remedies by way of appeal under Section 17 of SARFAESI Act. In view of the same, the present Writ Petition filed questioning the notice calling upon the petitioner to discharge the loan amount shown in the notice cannot be entertained. The Writ petition is accordingly dismissed granting liberty to the petitioner to file his objections within 15 days from today and on filing of such objections, the respondent-bank shall consider the same and intimate the action taken thereon. There shall be no order as to costs. ___________________ A.GOPAL REDDY, J. ________________ NOUSHAD ALI, J. 19th January, 2010. skmr