Civil Writ Petition No.5260 of 2011 #1# IN THE HIGH COURT OF PUNJAB & HAR YANA AT CHANDIGARH . Civil Writ Petition No.5260 of 2011 Date of Decision:-26.09.2011 Surjit Singh. ......Petitioner. Versus Indian Overseas Bank, Rani Ka Bagh, Amritsar. ......Respondent. CORAM:- HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE JASWANT SINGH Present:- Mr. Avtar Singh Bhatti, Advocate for the Petitioner. Mr. Nitin Kumar, Advocate for the respondent. *** HEMANT GUPTA, J.(ORAL) The challenge in the present petition is to a notice issued by the bank under Section 13(2) of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002(for short the 'Act'). The petitioner has obtained a housing loan of Rs.4,00,000/- from the respondent but on account of default in payment of such amount, the bank has initiated action against the petitioner. On September 21, 2011 learned Counsel for the respondent has made a statement that if the petitioner makes payment of Rs.1,25,000/-, the account of the petitioner shall be regularized and he can continue to pay regular installments thereafter. Learned Counsel for the petitioner accepts such offer and undertakes to pay Rs.1, 25,000/- on or before 31.10.2011 and undertakes to pay monthly installments thereafter. Civil Writ Petition No.5260 of 2011 #2# In view of the consent of the parties, the writ petition stands disposed of accordingly. In the event of default, the bank shall be at liberty to initiate proceedings under the Act in accordance with law. ( HEMANT GUPTA ) JUDGE ( JASWANT SINGH ) JUDGE September 26, 2011 Vinay