IN THE HIGH COURT FOR THE STATES OF PUNJAB AND
HARYANA AT CHANDIGARH
CWP No.3323 of 2009
Date of decision: March 3, 2009.
Pawan Kumar
...Petitioner(s)
v.
Punjab & Sind Bank
...Respondent(s)
CORAM:HON'BLE MR. JUSTICE SURYA KANT
1. Whether Reporters of local papers may be allowed to see the judgment ?
2. Whether to be referred to the Reporters or not ?
3. Whether the judgment should be reported in the Digest?
Present: Shri Veneet Sharma, Advocate for the petitioner.
ORDER
Surya Kant, J. – (Oral):
Notice of motion. On the asking of the Court, Shri I.P. Singh,
Advocate, accepts notice on behalf of the respondent.
The prayer in this writ petition is for quashing of the notice
dated 3.2.2009 (Annexure P-2) whereby the respondent-Bank has decided to
put the secured asset, namely, the residential house of the petitioner to
auction for recovery of the arrears of house loan amount.
Suffice it to note that the petitioner took a house loan of Rs.4
lacs in the year 2003 and having defaulted in payment of its installments,
that the proceedings under Section 13 of the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 have been initiated against him. It is pursuant thereto that the
respondent-Bank has now decided to auction the petitioner’s residential
house to recover the house loan amounting to approximately Rs4,33,000/-.
Learned Counsel for the Petitioner, on instructions, states that
the petitioner is ready and willing to deposit a sum of Rs.1 lac within two
weeks and the entire balance amount within six months thereafter. Learned
Counsel for the Petitioner further states that the balance loan amount, along
with interest, shall be paid by the petitioner within the specified period by
way of monthly installments of Rs.50,000/- each.
In view of the above given undertaking and subject to
adherence by the petitioner thereto, the writ petition is disposed of with a
direction to the respondent to keep the proceedings under Section 13 the
Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 in abeyance till the expiry of the maximum
period given above to the petitioner to discharge his loan liability.
March 3, 2009. [ Surya Kant ] kadyan Judge