Seeking a writ of certiorarified mandamus, the petitioner has brought forth this writ petition to quash the respondent banks notice of Intending Sale dated 20.7.2006, and quash the entire proceedings pursuant to the said notice and further direct the respondent Bank to accept the outstanding amount of Rs.2,20,000/- agreed by them under One Time Settlement Scheme.

2. The affidavit in support of the petition is perused. The Court heard the learned Counsel on either side.

3. Admittedly, the petitioner approached the respondent Bank for doing his business and submitted an application for loan in 1994 under THADCO Scheme. Under the said Scheme, sanction was made for Rs.2.00 lakhs on 21. 1995. Subsequently, subsidy was granted. Following the same, monthly instalment was to be paid. But, there was default. In such circumstances, a suit came to be filed by the Bank in O.S.No.4210/98 on the file of the XVIII Assistant City Civil Court, Madras. A preliminary decree came to be passed, and final decree was also applied for. Following the same, a notice was issued by the Bank under Sec.13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security I