INDIAN OVERSEAS BANK Vs. G S RAJSHEKARAN

JUDGEMENT

(1.) THIS Writ Appeal has been preferred by the appellant-Indian Overseas Bank against the order of this Court dated 30.1.2008 in Writ Petition No.1069 of 2008.

(2.) IN the said case, while the learned single Judge refused to interfere with the notice issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security INterest Act, 2002 (for short, SARFAESI Act) and taking into consideration the order passed by the appellant-Bank, the learned single Judge allowed the respondent-Writ Petitioner to approach the Debts Recovery Tribunal within two weeks from the date of the order and till such time the appellant-Bank was directed to maintain the position as on the date of the order passed in the Writ Petition. It was also made clear by the learned single Judge that the respondent-Writ Petitioner shall not take advantage of the order in any of the proceedings and shall strictly adhere to the time stipulated by the Court.

(3.) LEARNED counsel appearing for the appellant-Bank also relied on the decision of the Supreme Court reported in AIR 2004 SC 2371 (Mardia Chemicals Ltd. vs. Union of India), wherein the Supreme Court observed as follows: