Punjab-Haryana High Court
M/S Shree Shyam Cotex Pvt. Ltd vs State Bank Of Patiala And Another on 6 May, 2014
Bench: Sanjay Kishan Kaul, Arun Palli
IN THE HIGH COURT OF PUNJAB AND HARYANA AT
CHANDIGARH
CWP-18143-2013 (O&M)
Date of decision:- 06.05.2014
M/s Shree Shyam Cotex Pvt. Ltd.
...Petitioner
Versus
State Bank of Patiala and another
...Respondents
CORAM: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL, CHIEF JUSTICE
HON'BLE MR. JUSTICE ARUN PALLI
Present: Mr. Aalok Jagga, Advocate,
for the petitioner.
Mr. R.S. Bhatia, Advocate,
for the respondents.
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SANJAY KISHAN KAUL, C.J. (ORAL)
CM-5641-2014 Leave is granted to place on record Annexures P25 to P27 and the application is allowed to that limited extent. CWP-18143-2013 Heard further submissions of learned counsels for the parties. It appears that the respondent-bank is not willing to cooperate with the petitioner as there is lack of mutual faith. Thus, none of the two eventualities envisaged in our last order seem to work out.
Learned counsel for the petitioner states that he had gone to the Punjab National Bank and the processing of the loan was even cleared in terms whereof the outstanding of the respondent-bank would have been cleared and the loan taken over by the Punjab National Bank. The impediment to the same is stated to be only the reflection of the name of the petitioner in the CIBIL because of which the Punjab National Bank/State Bank of India would not be able to advance the loan. Sharma Amodh 2014.05.06 14:45 I attest to the accuracy and integrity of this document chandigarh CWP-18143-2013 (O&M) 2
Learned counsel for the respondent-bank states that they are willing to write to the CIBIL to remove the name of the petitioner, but after the amount is paid.
To find out the solution to this issue, we consider it appropriate to suspend the reflection of the name of the petitioner on CIBIL for a period of four weeks from today with the undertaking on behalf of the petitioner that this period would be utilized only to facilitate the take over of the loan by the Punjab National Bank/State Bank of India and on such loan being taken over the respondent-bank will request the CIBIL to remove the name of the petitioner from the list of defaulters.
We are clarifying that this direction is in the peculiar facts of the case as that appears to be the only methodology to break the logjam where the petitioner is willing to clear the outstanding, but on account of disputes between the Directors of the company there is a deadlock.
The petition accordingly stands disposed of. Copy dasti to learned counsels for the parties under signatures of the Bench Secretary.
(SANJAY KISHAN KAUL) CHIEF JUSTICE (ARUN PALLI) JUDGE 06.05.2014 Amodh Sharma Amodh 2014.05.06 14:45 I attest to the accuracy and integrity of this document chandigarh