THE HON’BLE Ms. JUSTICE G.ROHINI And THE HON’BLE SRI JUSTICE T.SUNIL CHOWDARY WRIT PETITION No.33551 OF 2013 Dated: 20.01.2014 Between:
M/s. KSR Properties Private Limited .. Petitioner And The Authorised Officer, UCO Bank, Zonal office, Vijayawada and another .. Respondents THE HON’BLE Ms. JUSTICE G.ROHINI And THE HON’BLE SRI JUSTICE T.SUNIL CHOWDARY WRIT PETITION No.33551 OF 2013 ORDER: (Per Hon’ble Ms. Justice G.Rohini) This Writ Petition is filed aggrieved by the demand notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the SARFAESI Act’).
Though a remedy of appeal is available to the petitioner under Section 17 of the SARFAESI Act, having regard to the fact that the petitioner filed an affidavit dated 22.11.2013 before this Court undertaking to pay the amounts due to the respondent Bank as per the schedule specified therein namely Rs.15,00,000/- by 27.11.2013 and a further sum of Rs.35,00,000/- by 30.11.2013, this Court by order dated 29.11.2013 directed that no coercive steps should be taken against the petitioner and adjourned the matter to 3.12.2013.
On 4.12.2013 it was represented by the learned counsel for the writ petitioner that a sum of Rs.50,00,000/- was paid in terms of undertaking dated 22.11.2013. Recording the said statement, the matter was adjourned to 31.12.2013 so as to enable the petitioner to make the further payments as per the schedule specified in its undertaking dated 22.11.2013.
Thereafter the matter underwent several adjournments to enable the counsel for the petitioner for reporting compliance with the undertaking dated 22.11.2013. However it is represented by the learned counsel for the respondents that except the above said sum of Rs.50 Lakhs, no further payments were made by the petitioner. The said fact could not be disputed by the learned counsel for the petitioner.
Under the circumstances, we do not find any justifiable reason to keep the writ petition pending any longer.
At any rate, as expressed above, since an alternative remedy of appeal is available to the petitioner under Section 17 of the SARFAESI Act, the interference by this Court at this stage is not warranted on any ground whatsoever.
Accordingly, without expressing any opinion on merits of the case, the Writ Petition is disposed of granting liberty to the petitioner to pursue the remedy of appeal for redressal of its grievance, if any. No costs.
Consequently, Miscellaneous Petitions, if any, pending in this Writ Petition shall stand closed.
G.ROHINI, J T.SUNIL CHOWDARY, J Date: 20.01.2014 Ivd