VINEET SARAN, ASHOK PAL SINGH
Shyam Ice & Cold Storage (P) Ltd. – Appellant
Versus
Syndicate Bank – Respondent
The petitioner No.1 had taken a loan from the respondent-Syndicate Bank for which the petitioners Nos. 2 to 7 were guarantors. There was default in payment of the loan amount. By order dated 3.4.2010 passed by the General Manager, Syndicate Bank, Agra the account of the petitioners was declared Non-Performing Asset (NPA). The said order was challenged by the petitioners by filing Writ Petition No. 21868 of 2010 in which initially an interim order was granted staying the operation of the order dated 3.4.2010 but the same was not extended subsequently. The said writ petition is still pending. In the meantime, on 15.10.2011, the petitioners filed an application for One Time Settlement (OTS) which was under active consideration of the Bank. However, simultaneously proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short Act of 2002) were initiated against the petitioners and a notice under Section 13 (2) of the Act of 2002 was issued on 30.1.2012. Challenging the said notice dated 30.1.2012, this writ petition has been filed with a further prayer for a direction to the respondents to consider and dec
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