CW 6946/07 //1// In the High Court of Judicature for Rajasthan Jaipur Bench ** Civil Writ Petition No.6946/2007 M/s Lokumal Hemandas Bachani & Anr. Versus Bank of Maharashtra & Ors. Date of Order ::: 04/05/09 Hon'ble Mr. Justice Ajay Rastogi Mr. Sanjay Joshi for Mr. NK Joshi, for petitioners Mr. Bhag Chand Jain & Mr. Vikash Jain, for respondent Mahrashtra Bank Instant petition has been basically filed by petitioners against proceedings initiated by respondent Bank for recovery of outstanding loan under Securitization & Re-construction of Financial Assets & Enforcement of Security Interest Act, 2002 (“Act, 2002”). Initially notice U/s 13(2) of the Act, 2002 was served upon petitioners and after statutory compliance under the Act, 2002, proceedings were initiated for taking over possession U/s 13(4) which is appealable U/s 17 of the Act, 2002. Without availing of statutory remedy of appeal, petitioners have approached this Court by way of instant petition. Initially, vide order dt.13/09/07 after service of notices, this Court directed the parties to maintain status quo as it then existed. However, matter came up for vacation of interim order dt.13/09/07; and on instructions, Counsel for petitioners submitted that his client was ready to make entire payment on agreed rate of CW 6946/07 //2// interest within two weeks after statement of account being furnished by respondent Bank of Maharashtra; and Counsel had further instructions not to press instant petition, if petitioners failed to deposit the amount in terms of undertaking, and taking note whereof, vide order dt.25/03/09, auction proceedings were stayed and respondent Bank was directed to supply a copy of due drawn statement of account to petitioners, in pursuance whereof, due drawn was supplied to petitioner and when matter came up before this Court on 15/04/09, Counsel on instructions, sought further time since petitioners had already entered into an agreement for disposal of their personal property for sale consideration of Rs.Eighty One lacs, post dated cheque whereof was also shown. Despite objection raised by respondent- Bank, this Court granted further time in the interest of justice for making payment of dues in terms of due drawn statement of account – copy whereof was already supplied to them, in pursuance of their own undertaking as recorded in order dt.25/03/09. It has been informed to this Court that petitioners have failed to make payment despite their undertaking as referred to in order dt. 15/04/09. Thus it clearly emerges from the record that petitioners were never interested in making CW 6946/07 //3// payment of outstanding loan and got it deferred for one reason or the others. In such circumstances, when petitioners have failed to avail of statutory remedy of appeal provided U/s 17 of the Act, 2002 and taking note of petitioners' conduct having been taken note of (supra), this Court is not inclined to exercise equitable jurisdiction U/Art. 226 of the Constitution of India. Consequently, writ petition fails and is hereby dismissed alongwith Civil Misc. (2nd Stay) Application No.410/09. Accordingly stay order dt.25/03/09 stands vacated. No costs. (Ajay Rastogi), J. K.Khatri/p3/6946CW07May04.doc