S. Banerjee, J. - (1.) Following a notice under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the steps taken by the respondent bank under Sec. 13(4) of the said Act, the writ petitioners instituted proceedings under Sec. 17 of the Act before the appropriate Debts Recovery Tribunal. An order was passed in such proceedings on October 9, 2007 by which the parties were directed to maintain status quo till the adjourned date. The petitioners say that such order continued till the proceedings were disposed of.
(2.) It is the petitioners' contention that during the proceedings before the Debts Recovery Tribunal, the petitioners and the bank entered into a settlement which resulted in the bank issuing a letter dated April 12, 2008 to the petitioners. The bank apparently sanctioned a fresh loan. In pursuance of the settlement and the bank's letter of April 12, 2008, the petitioners withdrew the proceedings under Sec. 17 of the 2002 Act. It is the petitioners' grievance that thereafter the bank has refused to release the payment and the bank has issued a subsequent notice under Sec. 13(2) of the Act.
(3.) On this petition being received, an order was made on May 9, 2009 when the bank was not represented, despite being served, restraining the bank from taking any further steps in pursuance of the bank's demand contained in the letter of March 5, 2009.;