Hon'ble Abhinava Upadhya,J.
Supplementary affidavit filed today may be taken on record.
Notice on behalf of respondent No. 1 has been accepted by learned standing counsel and on behalf of respondent Nos. 2 & 3 by Shri A.T.Kulshrestra, Advocate who prays for and is granted three weeks time to file counter affidavit.
Issue notice to respondent No. 4.
Shri A.T.Kulshrestra, Advocate submits that the notice was issued to the pricipal borrower on 19.12.2008, a copy whereof was produced during the course of the argument before us.
The present writ petition is on behalf of the gurantor who submits that the respondent Bank has proceeded to take the posssession of the property of the gurantor without taking any step against the principal borrower.
The submission is that the respondent-Bank should proceed against the principal borrower first.
The matter requires consideration.
On a deposit of Rs.1 lac (one lac only) within a period of one month with the respondent-Bank by the petitioner, the further recovcery proceedings shall remain stayed.
In case of default, the stay order shall stand vacated. By way of clarification, it is added that it shall be open to the respondent-Bank to proceed against the principal borrower in accordance with law.
Order Date :- 7.1.2010 IB