[Order of the Court was made by T.S.SIVAGNANAM, J.] Heard Mr.C.M.Arumugam, learned counsel appearing for the petitioner, Mr.R.Pandivel, learned Standing Counsel appearing for the respondents / Bank.
2.The petitioner is a borrower of a loan from the 2nd respondent / Syndicate Bank and challenging the possession notice issued under the provisions of SARFAESI Act has filed this Writ petition. It is admitted by the petitioner that on receipt of the notice issued under
Section 13(2) of the Act the petitioner has not sent any reply to the respondents / Bank. Now he is before us alleging that property which was mortgaged for the loan transaction is brought for sale. Prima facie, we are not inclined to entertain the Writ petition, but nevertheless, since the learned counsel for the petitioner submitted that the petitioner is ready and willing to settle entire loan amount, which is less than Rs.22,00,000/-.
3.Notice was served on the respondent / Bank. Accordingly, Mr.R.Pandivel, learned standing counsel appearing for the respondent / Bank appeared before us. It is submitted by the learned counsel for the respondent / Bank that the petitioner has given a letter to the respondent / bank agreeing to settle the outstanding loan amount within a period of fourty five days and the respondent / Bank is awaiting, till such time no coercive action shall be taken pursuant to the possession notice issued on 13.03.2017.
4.In the light of the above circumstances, we direct the petitioner to adhere to the undertaking given to the respondent / Bank within a period of 45 days from the date of receipt of a copy of this order. Till such time, the respondent / Bank shall not take any coercive action pursuant to the possession notice on 13.03.2017.
5.With this observation, this Writ Petition is disposed of. No costs. Consequently, connected miscellaneous petitions are closed.
To
1.Syndicate Bank, Represented by its Authorized Officer, Regional Office, Claret Plaza, Melakkal Main Road, Kochadai, Madurai-16.
2.The Manager, Syndicate Bank, Thamaraipadi Branch, Dindigul..