K. V. Prakasam v. The Authorised Officer,

THE HON'BLE SRI JUSTI CE SANJAY KUMAR AND THE HON'BLE SRI JUSTI CE GUDI SEVA SHYAM PRASAD WRI T PETI TI ON No. 20159 of 2017 ORDER: (per Hon'ble Sri Justice Sanjay Kumar) This writ petition was filed assailing the action of Karur Vysya Bank Limited, the respondent herein, in not considering the petitioners' representation dated 19.04.2017 wherein the petitioners sought rescheduling of their loan repayment to the respondent Bank. As per the material placed on record, the respondent Bank issued a demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, the Act of 2002) on 25.05.2017 quantifying the dues of the petitioners at Rs.11,39,698.97 ps. along with future interest.

Given the scheme of the Act of 2002, the petitioners are given the liberty to submit their objection or representation, if any, under Section 13(3A) of the Act of 2002 in response to the demand notice issued under Section 13(2) thereof. It appears that the petitioners have not chosen to take recourse to this statutory liberty given to them. The writ petition is accordingly disposed of leaving it open to the petitioners to submit their representation or objection, if any, in relation to the demand notice dated 25.05.2017 within one week from the date of receipt of a copy of this order. In the event they do so, the respondent Bank shall consider the same in accordance with the due procedure. Pending miscellaneous petitions, if any, shall stand closed in the light of this final order. No order as to costs.

____________________________ JUSTI CE SANJAY KUMAR Date: 22.06.