CWP No.16419 of 2008 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. CWP No.16419 of 2008 Date of decision: 20.11.2008 Pawan Kumar and another -----Petitioners Vs. General manager, Indian Bank and others -----Respondents CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOEL HON'BLE MR JUSTICE L.N.MITTAL Present: Mr. Hemant Saini, Advocate for the petitioners. Mr. Nitin Kumar, Advocate for the respondents. Adarsh Kumar Goel, J 1. On 16.9.2008, following order was passed:- “Contention raised is that petitioner No.2, the guarantor has offered commercial property of higher value in place of house of petitioner No.1 and the Bank will suffer no loss if the commercial property is taken over or sold for realization of the loan. It is further submitted that representation Annexure P.4 has also been made in this respect. 1 CWP No.16419 of 2008 Notice of motion to respondent No.1 for 23.10.2008. In the meanwhile, auction of house of the petitioner No.1 will not be finalized but the Bank will be at liberty to proceed against the commercial property offered by petitioner No.2 subject to further orders.” 2. The Bank in reply has stated that the commercial property offered by the petitioner is not free from encumbrances. 3. In view of above, no further order is called for. 4. However, it is made clear that the petitioners will be at liberty to take appropriate remedy in accordance with law including entering into any arrangement with the bank for repaying the loan in such manner as may be acceptable to both the parties. The petitioners will also be at liberty to sell the mortgage property themselves subject to filing an undertaking in this Court and also with the Bank to repay the amount within six months. The sale will be in association with the bank and the payment received will be directly made to the Bank to the extent of the dues. The petitioner will deposit a sum of Rs.2 lacs with the undertaking to be filed with the Bank. The undertaking will 2 CWP No.16419 of 2008 cover repayment amount in all accounts in which loan has been given including the account of M/s Vishnu and others. 5. If the petitioners do not file any undertaking within two weeks or default in complying with the undertaking, the Bank will be at liberty to proceed in accordance with law. 5. The petition is disposed of. (Adarsh Kumar Goel) Judge November 20, 2008 (L.N.Mittal) ‘gs’ Judge 3