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SCA/2035/2011 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
SPECIAL
CIVIL APPLICATION No. 2035 of 2011
=========================================================
SHAILESH
V MEHTA & 1 - Petitioner(s)
Versus
AUTHORIZED
OFFICER & 1 - Respondent(s)
=========================================================
Appearance
:
MR
ASHISH M DAGLI
for
Petitioners
None for Respondent(s) : 1 -
2.
=========================================================
CORAM
:
HONOURABLE
THE CHIEF JUSTICE MR. S.J. MUKHOPADHAYA
and
HONOURABLE
MR.JUSTICE K.M.THAKER 15th February 2011
ORAL
ORDER
(Per :
HONOURABLE THE CHIEF JUSTICE MR. S.J. MUKHOPADHAYA)
The
petitioner challenges notice issued under Section 13 (2) of the
Securitization & Reconstruction of Financial Assets &
Enforcement of Security Interest Act, 2002. Further prayer has been
made to direct the respondent-Bank not to take any action under
Section 13 (4) of the said Act. Learned counsel for the petitioner
submits that the petitioner is ready to pay sum of Rs. 5,28,000/=
within one month.
In
the present case, as we find that the petitioner is ready to pay
back the dues to the respondent-State Bank of Hyderabad, and even
after a step is taken under Section 13 (4) of the Act, the petitioner
has a right to settle the matter under Section 18 (8) of the said
Act. Instead of interfering with the order at this stage of Section
13 (2) of the Act, we give liberty to the petitioner to approach
State Bank of Hyderabad. If the State Bank of Hyderabad has rejected
the claim to receive the amount of Rs. 5,28,000/=; as per the
offer given by the petitioner, they will inform the petitioner the
total amount, as due on 31st January 2011, and the amount
for which they intend to settle the dispute under One-time
Settlement Scheme . This exercise shall be done within one month
from the date of production of copy of this order. In such case, the
petitioner may settle the dispute as per the offer. In case of
failure, the parties may follow recourse in accordance with SARFESI
Act. In the meantime, if the petitioner deposits a sum of Rs. 5.28
lacs, the respondent-Bank will accept the same, subject to their
settlement. The petition stands disposed of with the aforesaid
observation and directions.
{S.J
Mukhopadhaya, CJ.}
{K.M
Thaker, J.}
Prakash*
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