Heard the learned counsel.
The only prayer made in this petition is that
initiation of proceedings under the Securitization and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 ('SARFAESI Act'), more
particularly by a notice dated 2nd June, 2004, issued under
Section 13(2) of the Act by the respondent-Bank, namely,
JUDGMENTRupee Co-op Bank Ltd., be quashed.
In pursuance of the instructions received from his
client, Mr. Shekhar Naphade, learned senior counsel appearing
for the respondent – creditor Bank has submitted that the
aforestated notice issued to the petitioners is withdrawn, as
the respondent-Bank would like to execute the Award made in
favour of the respondent-Bank.
In view of the aforestated development in the matter,
in our opinion, the grievance ventilated in the petition does
not survive and, therefore, the petition is dismissed with no
order as to costs.
Rule is discharged.
The ad-interim relief which had been granted earlier
shall stand vacated.
[KURIAN JOSEPH] New Delhi; February 03, 2015.