On receipt of the demand notice issued under Section 13(2) of th Securitisation Act above, the petitioner submitted two representations, on on 31-01-2008 and another on 28-02-2008. In the first representation, t the extent relevant and material for the purposes of these writ petitions, th petitioner pleaded that they had complained to the Insurance Regulator Authority Grievance Cell, Hyderabad about the delay of the settlement o insurance claim with the United India Insurance Company with whom th borrower had a insurance policy in respect of its industry which wa allegedly subjected to a fire accident. The borrower in this representatio pleaded with the secured creditor not to precipitate and pursue th proceedings under the Securitisation Act in view of the delay in processin of its insurance policy. In the second representation dated 28-02-2008, th petitioner informed the secured creditor that the insurance company abov had repudiated the insurance claim on the ground that the vendor’ transactions are doubtful; that the secured creditor being authorised agen of the insurance company is requested to send a written protest to th insurance company to reassess the petitioner’s claim and to settle th same. In this representation, the petitioner also sought recall/abandonmen of the proceedings under the Securitisation Act.
