IN THE HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR WRIT APPEAL No. 1657 of 2014 Date: 30.12.2014 Between:
M. Suryanarayana Rao & others.
… Appellants And A.P. State Warehousing Corporation, Hyderabad & others.
… Respondents This Court made the following:
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR WRIT APPEAL No. 1657 of 2014 JUDGMENT: (Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) After hearing the learned counsel for the parties, namely, the appellants and the parties before the learned Single Judge in the writ proceedings, this matter is being disposed of by the proposed judicial settlement, which has been accepted by all the parties.
It would be open for the appellants to approach the Debt Recovery Tribunal (for short, “the Tribunal”), if not approached, to question the auction sale held under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The writ petitioner – 3rd respondent will be free to receive the amount in terms of the order of the learned Single Judge and the same must be deposited in a bank account. The bank concerned shall not allow the writ petitioner to withdraw the amount so to be received and deposited by it for a period of one month from the date of receipt of a copy of this order. In the event, no challenge is made within one month as above by the appellants then the writ petitioner will be free to withdraw the amount and order of injunction will stand vacated automatically. Of course, this order by consensus will not be a binding and influencing factor before the learned Tribunal. All parties are free to approach the learned Tribunal, if so advised.
Pending miscellaneous petitions, if any, shall stand closed. No costs.
K.J. SENGUPTA, CJ SANJAY KUMAR, J Date: 30.12.2014 ES