Civil Writ Petition No.12624 of 2009 (O&M) 1 In the High Court of Punjab and Haryana, at Chandigarh. Civil Writ Petition No.12624 of 2009 (O&M) Date of Decision: 23.10.2009 M/s Devinder Shoe Store and Another …Petitioners Versus State Bank of India and Others …Respondents CORAM: HON’BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA. Present: Mr. Amar Vivek and Ms. Jyoti Sareen, Advocates for the petitioners. Mr. Yogesh Jain, Advocate for the respondents. Kanwaljit Singh Ahluwalia, J. (Oral) Civil Misc. No. 17473 of 2009 Civil Misc. Application is allowed. Replication along with Annexures P14 to P16 is taken on record. Civil Misc. No. 17474 of 2009 Exemption from filing of certified copy of Annexure P14 is granted. Civil Misc. Application is disposed of. Civil Writ Petition No. 12624 of 2009 Counsel for the petitioners have drawn attention of this Court to Annexure P15 issued by the Bank on 31.8.2009. The conditions specified in the letter read as under:- Civil Writ Petition No.12624 of 2009 (O&M) 2 XXX XXX XXX XXX XXX XX “i) Application to be received before 30..09.2009 and settlement to be reached before 31.09.2009; ii) Minimum amount to be paid Rs.283870.00 (being the outstanding balance in your account as on the date it was categorized as Doubtful NPA). iii) Payment terms: Minimum 5% on application and remaining dues on settlement in one lump sum, upfront Payment instalments would also be considered on merits, subject to at least 25% of the amount of settlement being paid within 30 days and the balance of 75% being paid instalments within six months, but not later than 31.03.2010 together with interest at Bank's PLR from the date of settlement till date of final payment”. XXX XXX XXX XXX XXX XX Counsel for the parties are in agreement that in pursuance of Scheme, 5% amount of the application has been paid and petitioner is liable to pay 25% of the amount of settlement within 30 days commencing from today. Mr. Amar Vivek, Advocate, has made a statement that in Civil Writ Petition No.12624 of 2009 (O&M) 3 consonance with the demand raised by the respondents in Annexure P15, 25% of the amount prescribed will be paid to the Bank on or before 23.11.2009. Mr. Vivek further states that the petitioner will adhere to payment of balance 75% in instalments within six months but not later than 31.3.2010. Counsel for the respondents stated that Bank has no objection and the property of the petitioner shall be released in their favour and the mortgage will redeemed in case the arrangement mentioned in Annexure P15 is followed by the petitioners. Counsel further states that in case of any default on the part of the petitioner, the respondent-Bank will be free to proceed in accordance with the provisions of law. The present writ petition is disposed of with the observation that parties shall remain bound by the statements made by their counsel. (Kanwaljit Singh Ahluwalia) Judge October 23, 2009 “DK”