SUDHAKAR RAJU Vs. TIRUMALA COOP URBAN BANK LTD

JUDGEMENT

(1.) THE petitioner obtained a loan from the 1st respondent-Cooperative Urban bank. Alleging that the petitioner committed default in payment of the instalments, the 1st respondent approached the Arbitrator, under Section 61 of the A. P. Co-operative Societies Act (for short 'the Act' ). An award was passed on 21. 04. 2003, for a sum of Rs. 7,38,079/ -. Thereupon, the petitioner filed c. T. A. No. 238 of 2003 before the A. P. Co-operative Tribunal at Hyderabad. It also filed I. A. No. 802 of 2003 for stay; and an unconditional stay was granted. Aggrieved thereby, the 1st respondent filed W. P. No. 19672 of 2003. It was disposed of by this Court on 23. 10. 2003, directing that the stay in favour of the petitioner, shall be subject to the deposit of a sum of Rs. 1,00,000/ -. Ultimately, the C. T. A. was allowed on 12. 06. 2006. The 1st respondent filed w. P. No. 14428 of 2006, against the same. The writ petition was allowed on 08. 12. 2006 and the matter was remanded to the Tribunal, for fresh consideration and disposal.

(2.) EVEN while the proceedings are pending before the Tribunal, on remand, the 1st respondent invoked the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the 2002 Act') and the 2nd respondent issued notice, dated 24. 03. 2007. The same is challenged in this writ petition.

(3.) HEARD the learned counsel for the petitioner and the learned counsel for the respondents.