JUDGMENT

M.S. Ramachandra Rao, J. - This Writ Petition is filed for issuance of a Writ in the nature of Certiorari for quashing the Impugned Communication dt.16.05.2018 (Annexure P-1) issued by respondent-Bank whereby the request dt.10.05.2018 (Annexure P-2) of the petitioner's company to grant a further time beyond stipulated date of 21.05.2018 for making repayment of balance amount of Rs. 2.52 Crores (alongwith interest on Bank rate) out of total One Time Settlement amount of Rs. 10.54 Crores, has been declined.

2. The petitioner is a private Company incorporated under the Companies Act, 1956 engaged in sale of electronics goods.

3. Vide sanction letter dt.28.08.2012, the respondent-Bank sanctioned a cash credit (Hypothecation) Limit of Rs. 15.00 Crores to the petitioner. For the said loan, stocks/assets of the petitioner's Company were offered for hypothecation as primary security, and for additional security, an equitable mortgage of property, comprising Hotel Metro, SCO No.401-402, Sector 35, Chandigarh in the name of M/s AMG Hotels Pvt. Ltd. having value of Rs. 26.30 Crores, was also offered.

4. The petitioner's business suffered a setback allegedly on account of recession or glo