HON'BLE SRI JUSTICE A.RAJASHEKER REDDY
AND
HON'BLE JUSTICE G.SRI DEVI
Writ Petition No.22468 OF 2021
JUDGMENT:(per Hon'ble Sri Justice A.Rajasheker Reddy)
This writ petition is filed seeking writ of mandamus declaring
the notice dated 07.04.2021 under Section 13(2) of the Section
17 of the Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 (For short 'the
Act of 2002') issued by the respondent as illegal and arbitrary.
Heard learned counsel for the petitioners and Smt.V.Dyumani, learned Standing Counsel for the respondent Bank.
Learned counsel for the petitioner submits that though the petitioners have replied to the notice under Section 13(2) of the Act of 2002 on 26.05.2021, as on today, the respondent Bank has not given any reply under Section 13(3)(a) of the Act, but it is proceeding further in the matter. He also submits that the petitioners are ready to opt for OTS (One Time Settlement) Scheme and pay the amount. Since the petitioners are running educational institutions, because of Covid-19, they are unable to pay the amount. He also submits that during the moratorium period also, the petitioners have paid certain amounts towards instalments and that one more representation was given on 08.08.2021, but for that also, the respondent Bank has not replied.
On the other hand, Smt. V.Dyumani, learned Standing Counsel for the respondent Bank submits that they have not received any reply on 26.05.2021 as alleged by the petitioners, but they have only received reply dated 08.08.2021, that too after lapse of 60 days from the date of issuance of notice under Section 13(2) of the Act of 2002 and that the Bank will take that representation into account and proceed further in the matter.
In view of the above facts and circumstances, since the petitioners have replied to the notice under Section 13(2) of the Act on 08.08.2021 and petitioners wants to go for OTS scheme, it is open for the petitioners to make an application within a period of two weeks from today, for grant of OTS and the Bank may consider the same in accordance with the scheme, if any, in accordance with law. The respondent bank shall also consider the representation dated 08.08.2021 before taking further action in the matter.
With the above direction, this writ petition is disposed of. There shall be no order as to costs. As a sequel thereto, miscellaneous petitions, if any, pending in this Writ Petition, shall stand closed.
_________________________ A.RAJASHEKER REDDY, J ______________ G. SRI DEVI, J Date:22.09.2021 kvs HON'BLE SRI JUSTICE A.RAJASHEKER REDDY AND HON'BLE JUSTICE G.SRI DEVI Writ Petition No.22468 OF 2021 Date: 22.09.2021 kvs