M/S Janapriya Engineers Syndicate Limited v. Indian Bank

HON'BLE SRI JUSTICE R. SUBHASH REDDY AND HON'BLE SRI JUSTICE A. SHANKAR NARAYANA WRIT PETITION No.1810 OF 2016 ORDER: (Per Hon'ble Sri Justice R. Subhash Reddy) This Writ Petition is filed questioning the sale notice, dated 11.12.2015, issued pursuant to the measures taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for sale of the secured assets.

It is the case of the petitioners that though the application filed by them for 'one time settlement' is pending consideration, respondents are proceeding with sale of the secured assets.

When the matter is taken up for hearing, it is represented by the learned counsel for parties that the revised offer made by the petitioners is forwarded to the Head Office for consideration.

As much as no steps are taken pursuant to the auction notice, dated 11.12.2015, the subject matter of this Writ Petition has become infructuous. However, in view of the submission made by the learned counsel for respondent - Bank that the application made by the petitioners for 'one time settlement' is under consideration, we deem it appropriate to dispose of this Writ Petition

keeping it open to the respondent - Bank to consider the claim of the petitioners for 'one time settlement' and take further steps accordingly.

Subject to the above, the Writ Petition is disposed of. Miscellaneous Petitions, if any pending in this Writ Petition, shall stand closed. No costs.

______________________ R. SUBHASH REDDY, J ___________________________ A. SHANKAR NARAYANA, J February 01, 2016 MD