IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH AT HYDERABAD (Special Original Jurisdiction) THURSDAY, THE TWENTY THIRD DAY OF SEPTEMBER TWO THOUSAND AND FOUR PRESENT THE HON'BLE SRI DEVINDER GUPTA,THE CHIEF JUSTICE and THE HON'BLE MR JUSTICE C.V.RAMULU WRIT PETITION NO : 16743 of 2004 Between: 1 Mohd.Sheriff, S/o.Sk.Noor Mohammad, Muslim M/s. Royal Agencies, D.No.76-126-27/5B, Urmila Nagar, bhavanipuram, Vijayawada. 2 Fathimunnisa Begum, W/o.SK.Noor Ahmad, Muslim 40-20-25, Pragathinagar, Vijayawada. ..... PETITIONER(S) AND 1 Authorised officer, Union Bank of India, Natraj Complex, Kaleswararao Road, Vijayawada. 2 Union Bank of India, rep.by its Branch Manager, Rishab Towers, 1st floor, convent street, Vijayawada Branch, Vijayawada. 3 Debts Recovery Tribunal, Visakhapatnam. .....RESPONDENTS Petition under Article 226 of the constitution of India praying that in the circumstances stated in the Affidavit filed herein the High Court will be pleased to issue an appropriate writ, order or direction particularly one in the nature of writ of Mandamus, declaring the order passed in I.A.No.323/2004 in Appeal No.17/2004 on the file of the 3rd respondent dated 1-7-2004 as contrary to the settled principles of law on the subject besides directing to grant stay of all further proceedings in pursuance of the notice dated 13-5- 2004 issued under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of securities Act 2002 and pass. Counsel for the Petitioner:MR.V.S.R.ANJANEYALU Counsel for the Respondents: None The Court at the admission stage made the following Oral Order : (per Sri Devinder Gupta, CJ) We see no reason to interfere with the order dated 1st July, 2004 of the Debts Recovery Tribunal, Visakhapatnam staying the proceedings initiated by the respondent-bank subject to the petitioners depositing a sum of rupees one lakh either with the Tribunal or directly into the loan account of the petitioner with the respondent-bank. Admittedly, the actual due amount is more than Rs.5.00 lakhs. The writ petition is, therefore, dismissed. However, in the facts and circumstances of the case, time to deposit the amount as ordered by the Tribunal is extended by six weeks from today. _____________________ DEVINDER GUPTA, CJ Date: 23rd September, 2004 _________________ C.V.RAMULU,J Pnb To 1.The Debts. Recovery Tribunal, Visakhapatnam. 2. Two C.D. copies