Syed Ibrahim v. Indian Overseas Bank Mehdipatnam Branch

HON'BLE SRI JUSTICE R.SUBHASH REDDY AND HON'BLE SRI JUSTICE A.SHANKAR NARAYANA WRIT PETITION No.25135 of 2015 ORDER : (Per Hon'ble Sri Justice R.Subhash Reddy) In the writ petition, the petitioners have questioned the demand notice and possession notice dated 03.01.2014 and 20.01.2015 respectively issued by the respondent Bank in exercise of powers under Sections 13 (2) and 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, mainly on the ground that identity of the property given as secured asset is not correctly mentioned in the impugned notices. On instructions, learned counsel appearing for the respondent Bank conceded that the impugned notices are defective and sought liberty for issuance of fresh notices. In view of the submission made by learned counsel for the respondent, the impugned notices are set aside. However, the respondent Bank is at liberty to issue notices afresh in accordance with law.

Accordingly, the writ petition is allowed. No order as to costs.

As a sequel, pending miscellaneous petitions, if any, shall stand closed.

____________________________ JUSTICE R. SUBHASH REDDY

________________________________ JUSTICE A.SHANKAR NARAYANA 25.08.2015 v v