Telangana High Court
WP/20109/2009 of M/s Om Shanthi Travels, Vs The Chief Manager AND Authorized Officer, on 31 December 2009
SRI JUSTICE A.GOPAL REDDY and THE HON'BLE SRI JUSTICE NOUSHAD ALI DATED: 31-12-2009 WRIT PETITION No. 20109 OF 2009 Between: M/s. Om Shanthi Travels, shop No.4, Shanti Bhavan, No.2-1-407, Near Railway Bridge, Nallakunta, Hyderabad and another Vuyyuru Srinivasa Reddy. ..... PETITIONER AND The
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THE HON'BLE SRI JUSTICE A.GOPAL REDDYand THE HON'BLE SRI JUSTICE NOUSHAD ALI
DATED: 31-12-2009
WRIT PETITION No. 20109 OF 2009
Between:
M/s. Om Shanthi Travels, shop No.4, Shanti Bhavan, No.2-1-407,Near Railway Bridge, Nallakunta, Hyderabad and another VuyyuruSrinivasa Reddy.
..... PETITIONER
AND
The Chief Manager & Authorized Officer, Union Bank of India, NodalRegional Office, 2[nd] Floor, Lata Complex, Nampaly, Hyderabad
.....RESPONDENT
THE HON'BLE SRI JUSTICE A.GOPAL REDDYandTHE HON'BLE SRI JUSTICE NOUSHAD ALI
WRIT PETITION No. 20109 OF 2009
ORDER:(per Sri A. Gopal Reddy, J)
The petitioners – borrowers filed this writ petition challengingthe notice issued under Section 13 (2) of Securitisation andReconstruction of Financial Assets and Enforcement of SecurityInterest Act, 2002 (for short ‘the SARFAESI Act’) contending that thesaid notice does not disclose as to when the account has become nonperforming asset (NPA) though the EMI is being paid regularly and thateven after issuance of notice i.e., on 04-08-2009, an amount ofRs.2,00,000/- has been paid to the Bank.
Since the petitioners can file their objections for declaring theaccount as NPA under Section 13 (3A) to the notice issued underSection 13 (2) of the SARFAESI Act, two weeks time is granted tothem to file their objections and thereafter, the respondent – Bank isdirected to consider the said objections and pass appropriate ordersand communicate the same to the petitioners. Until orders are passedon the objections and communicated to the petitioners, no coercivesteps shall be taken by the Bank.
Learned counsel for the petitioners submits that the petitionersare negotiating with the Bank for One Time Settlement (OTS). If thatbe the case, it is always open to the petitioners to negotiate with the Bank for OTS.
The writ petition is accordingly disposed of.
A. GOPAL REDDY, J
31-12-2009ks
NOUSHAD ALI, J