The petitioner availed loan of Rs.2.75 lakhs from the respondent for purchase of Flat No.4 in Ayyappa Apartments (in Plot No.21 comprised in survey No.295 with plinth area of 37.00 square yards). He is required to repay in 240 monthly instalments with EMI of Rs.2,568/-. When the loan instalments were not paid, the authorised Officer of the respondent bank issued notice of demand under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter, the SARFAESI Act or the Act). As the petitioner failed to liquidate the amount, the authorised Officer initiated measures under Section 13(4) of the Act and published notice under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002, requiring the petitioner to pay the amount due within thirty days. Aggrieved by the same, the petitioner filed the instant Writ Petition. He would contend that after receiving the notice under Section 13(2) of the Act, the petitioner sent objections under Section 13(3A) of the Act, but they were not considered and therefore, any further action is illegal. This Court, while admitting the Writ Petition on 02.12.2005, stayed all further proceedings on condition of the petitioner depositing half of the demanded amount within a period of four weeks. It is brought to our notice that the petitioner did not pay the amount as directed by this Court and in view of the stay, the authorised Officer could not proceed further.
