THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD WRIT PETITION NO : 7650 of 2011 Dated: 5.9.2011 Between: 1. Jagan Mohan Rao Hanumanula and others. ..Petitioners And The Standard Chartered Bank Limited Branch, Secunderabad rep., by its GPA Holder. ..Respondent This Court made the following: THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD WRIT PETITION NO : 7650 of 2011 ORDER: (Per Sri Hon’ble Sri Justice N.V. Ramana) This writ petition is filed seeking to declare the notices issued under Sections 13(2) and 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance Act, 2002, as illegal and arbitrary and consequently to direct the respondent-Bank to hand over the premises bearing Block No.223 (North East Portion) admeasuring an extent of 408.33 sq. yards in Sy.No.156, Block No.223 (South East Poretion) admeasuring 408.33 sq. yards in Sy.No.156, situated Bachupally village, Pragathi Nagar Grampanchayat, Quthubullapur. Heard the learned Counsel for both the parties and perused the material available on record. It is the case of the petitioners that the 1st petitioner obtained loan of Rs.30,00,000/- from the respondent-Bank by mortgaging properties viz., Part and parcel of block No.223, admeasuring 408.33 sq. yards and in part of Sy. No.156, and part and parcel of Block No.223 admeasuring 408.33 square Yards in part of Sy.No.156, situated at Bachupally village Pragathi Nagar, Grampanchayat, and by depositing the sale deeds and he is paying the monthly instalments regularly. While so, the respondent-Bank issued notice under Section 13(2) of the Act on 5.5.2010 calling upon him to pay the amounts as demanded in their notice and in that connection, he approached the authorities and requested time. But, without considering his request and without following the due procedure, the respondent-Bank filed Crl.M.P.No:54 of 2011 under section 14 (1) & (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance Act, 2002 before the learned Chief Metropolitan Magistrate, Cyberabad. The learned Judge appointed an Advocate Commissioner to take possession of the property and hand over the same to the Bank. Hence, the present writ petition. On 23.3.2011 while admitting the writ petition, this Court granted interim direction to the respondent-Bank to handover the premises in question to the petitioners on condition of depositing a sum of Rs.8,00,000/- within a week from that day and within two weeks thereafter, to pay the balance amount of Rs.5,00,000/-. It is the case of the respondent-Bank that till today, no amount is paid to the Bank and as on today the amount due to be paid is Rs.27,00,000/-. The learned Counsel for the petitioners seeks two weeks time to approach the respondent-Bank to settle the account. In view of the same, the petitioners are permitted to approach the Bank and settle the accounts. In case, the petitioners failed to settle the account, the respondent-Bank is at liberty to proceed further. Accordingly, the writ petition is disposed of. No order as to costs. __________________ Justice N.V. Ramana DATE: 5.9.2011 ____________________ Justice P. Durga Prasad nn THE HON'BLE SRI JUSTICE N.V. RAMANA & THE HON'BLE SRI JUSTICE P. DURGA PRASAD W.P.7650 OF 2011 (Order delivered by the Hon’ble Sri Justice N.V. Ramana) 5.9.2011 Nn