Nooty Ramamohana Rao, J.

1. Heard Mr. K.B. Ramanna Dora, learned Counsel on behalf of learned Counsel for the petitioner and Mr. A. Krishnam Raju, learned Standing Counsel on behalf of the 1st respondent State Bank of Hyderabad. In view of the order proposed to be passed by us now, we may not be required to advert to all the facts, in great detail.

2. When the respondent Bank, which has extended certain financial assistance to the petitioner, has declared the loan account as a 'non-performing asset' and then, raised demand notice under Sub-section (2) of Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, demanding the petitioner to liquidate the outstanding liability of Rs. 2,42,39,768 as on 1.7.2015, the petitioner did not honour the said notice and ignored it in effect. Hence, the follow-up action under Sub-section (4) of Section 13 of the Act has been initiated by putting the property to sale on 2.12.2015. At that stage, the petitioner filed Writ Petition No. 40020 of 2015. Entertaining the said Writ Petition, on 4.1.2016, a Division Bench of this Court directed stay of auction pursuant to the e-auction