HON'BLE SRI JUSTICE GHULAM MOHAMMED AND HON'BLE SRI JUSTICE K.G. SHANKAR WRIT PETITION NO. 8985 OF 2011 Between: T. Paul Parmjyothi S/o T. Paramjyothi and two others ………….Petitioners AND The State Bank of India, Mahabubnagar Branch ………….Respondent ORDER: (Per Hon'ble Sri Justice Ghulam Mohammed) This Writ Petition has been filed seeking to issue an order particularly one in the nature of Writ of Mandamus declaring the action of the respondent-Bank in issuing the proceedings dated 4.11.2010 through the District Collector, Mahabubnagar District, under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “the SRFAESI Act”) as illegal and arbitrary. Brief facts of the case are that the petitioners herein approached the respondent-Bank and obtained an education loan for a sum of Rs. 7,50,000/- in the year 2003 repayable in 60 equal monthly instalments of Rs. 16,630/- by mortgaging their House bearing No. 1-8(old), 1-43(new) in S.No. 67 admeasuring 200 sq yeards, situated at Gandhinagar, Near and Opposite to LIC Office, Jadcherla, Mahabubnagar District. It is stated that the first petitioner did not get any job till date to clear off the loan amount. Therefore, the respondent- Bank issued notice under Section 13(2) of the SRFAESI Act. Aggrieved by the same, the present Writ Petition is filed. The learned counsel appearing for the petitioners submits that they are willing and ready to clear off the amount due to the respondent-Bank if some time is provided. On the other hand, the learned counsel appearing for the respondent-Bank submits that the petitioners have to clear off the over due instalments first and then regularize the account by making an application. Heard the learned counsel appearing for both sides and also perused the material made available on record. As the petitioners herein are ready and willing to clear off the debt due to the respondent-bank, without going into the merits or otherwise of the matter, the Writ Petition is disposed of directing the petitioners herein to deposit the entire over due amount, within a period of three weeks from today. On such deposit, the respondent-Bank is directed to regularise the account of the petitioners within four weeks thereafter. Till such time, the respondent- bank is directed not to take any coercive steps against the petitioners herein. With the above observation, the Writ Petition is disposed of. There shall be no order as to costs. ________________________ GHULAM MOHAMMED, J _____________________ K.G. SHANKAR, J DATE: 06.04.2011 KA ... REGISTRAR // TRUE COPY // SECTION OFFICER To 1. 2 CD copies.