C. Balasubramanian v. Branch Manager, The Tamil Nadu Industrial Investment Corporation Ltd.
2014-08-19
M.JAICHANDREN, R.MAHADEVAN
body2014
DigiLaw.ai
Judgment M. Jaichandren, J. 1. This writ petition has been filed praying that this Court may be pleased to issue a writ of Certiorari to call for the records pertaining to the impugned order passed by the first respondent, in TIIC/TNY/BO/LAO-1/2014-15, dated 07.07.2014, and quash the same as illegal. 2. Heard Mr.K.K.Ramakrishnan, the learned Counsel appearing on behalf of the petitioner, Mr.S.Suresh, the learned Counsel appearing on behalf of the first respondent and Mr.A.K.Baskarapandian, the learned Special Government Pleader appearing on behalf of the second respondent. 3. At this stage of the hearing of the writ petition, the learned Counsel appearing on behalf of the first respondent Corporation, had submitted that the impugned notice issued on 07.07.2014, intimating that the property in question would be taken over, in accordance with Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, is no longer in operation and a fresh notice would be issued for taking over the property in question, only by following the relevant provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2002. 4. In view of the said submission made by the learned Counsel appearing on behalf of the first respondent Corporation, no further orders are necessary in this writ petition and accordingly, this writ petition stands closed. Consequently, the connected miscellaneous petition is also closed. No costs.