ORDER :- In the writ petition the petitioner has prayed for a declaration that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 'Act') is arbitrary and ultra vires the Constitution of India and has challenged the notice under the Act issued by the Punjab National Bank ('Bank' for short) on several grounds. The matter was moved on 19th February, 2004 when order was passed directing the parties to maintain status quo till 25th February, 2004. Thereafter, interim order was extended. On 25th February, 2004 directions were issued for filing of affidavits. Interim order, already granted was directed to continue until further orders. Affidavits have since been exchanged.

2. It is to be noted that during the pendency of the writ petition, petitions were moved before the Apex Court challenging the validity of the Act. The Supreme Court in the judgment of Mardia Chemicals Limited v. Union of India, reported in (2004) 4 SCC 311 : (AIR 2004 SC 2371) had upheld the validity of the Act and its provisions except sub-section (2) of Section 17 of the Act which was declared ultra vires Article 14 of the Constituti

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