Dalvinder Singh Sidhu And Another vs Punjab & Sind Bank And Another on 31 March, 2009

[Cites 1, Cited by 1]

Punjab-Haryana High Court

Dalvinder Singh Sidhu And Another vs Punjab & Sind Bank And Another on 31 March, 2009

Bench: Surya Kant

C.W.P NO. 5170 OF 2009                                  -1-



     IN THE HIGH COURT OF PUNJAB AND HARYANA AT
                  CHANDIGARH


                                  C.W.P NO. 5170 OF 2009
                                  DECIDED ON : 31.03.2009


Dalvinder Singh Sidhu and another
                                                   ...Petitioners

            versus


Punjab & Sind Bank and another
                                                   ...Respondents



CORAM : HON'BLE MR. JUSTICE SURYA KANT



Present : Mr. G. S. Bajwa, Advocate,
          for the petitioners.

            Ms. Arti Vashisht, Advocate for
            Mr. Rohit Sapra, Advocate,
            for the Caveator-respondents.


SURYA KANT, J. (ORAL)

The petitioners seek quashing of the letters dated 21.02.2009 and 17.03.2009 (Annexures P-3 and 6 respectively), whereby their secured assets have been taken into possession and are being put to auction, scheduled to be held on 07.04.2009.

It is not in dispute that the petitioners are required to pay about Rs.11 lacs to the respondent-Bank to discharge their loan liability.

C.W.P NO. 5170 OF 2009 -2-

Learned counsel for the petitioners submit that they are ready and willing to pay the entire loan within a period of three months.

Learned counsel for the respondent-Bank, who has entered caveat, has no serious objection to the grant of three month's period, provided that they deposit some amount before the date of auction.

Having heard learned counsel for the parties and keeping in view the stand taken by both of them, this writ petition is disposed of with a direction that in case the petitioners pay the entire loan amount before 10.07.2009, no action shall be taken against them under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. However, the petitioners shall also be liable to pay a sum of Rs.2 lacs before 07.04.2009.

It is made clear that the auction shall be postponed beyond 10.07.2009 only if the petitioners deposit a sum of Rs.2 lacs before 07.04.2009, as directed above.

Disposed of.

Let a copy of this order be given dasti on payment of usual charges.

MARCH 31, 2009                               (SURYA KANT)
shalini                                          JUDGE

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