IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 621 of 2011. [O&M] Date of Decision: 28th January, 2011. M/s Pahwa Steels & Anr. Petitioners through Mr. Amit Rawal, Advocate Versus ICICI Bank Limited Respondent through Mr. Munish Jain, Advocate. CORAM: HON'BLE MR. JUSTICE SURYA KANT. 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? SURYA KANT, J. [ORAL] The petitioners have taken Cash-Credit limit facility of `60 lacs from the respondent Bank and their failure to pay the due amount has led to the declaration of their account as 'NPA' followed by the penal action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In the first round of litigation, the petitioners gave an undertaking before the Debts Recovery Tribunal to pay the entire loan by 31st December, 2009 but having failed to honour the undertaking, the Debts Recovery Tribunal, permitted the Bank to proceed under Section 13[4] of the Act. Notice of motion was issued to explore the possibility of settlement to the limited extent that if the petitioners deposit the entire loan amount within a reasonable period, would it be possible for the respondent Bank to keep the further action in abeyance. Learned counsel for the petitioners, on instructions, states that the petitioners are ready and willing to discharge the entire loan liability by 31st March, 2011. In order to show their bona-fide, the petitioners have handed-over two Demand Drafts bearing No. 636929 and 940753 dated 21.01.2011 and 22.01.201 in the sum of `1 lac and `9 lacs respectively to learned counsel for the respondent Bank. Mr. Jain, on instructions from the Manager of the respondent Bank states that if the petitioners discharge the entire loan liability of `89,00,696/- by 31st March, 2011, the Bank shall have no objection in granting limited indulgence to that extent. In this view of the matter, the writ petition is disposed of with a direction to the respondent Bank to keep the auction proceedings in abeyance till 31st March, 2011, subject to the petitioners depositing the entire loan amount by the said date. It is clarified that the petitioners may deposit the afore-mentioned amount without prejudice to their right to seek settlement of the loan liability or the correct statement of accounts lateron. It is further directed that as soon as the petitioners deposit another sum of ` 10 lacs not later than ten days from today, the physical possession of the factory shall be restored to them though the respondent Bank shall continue to retain its symbolical possession. Disposed of. Dasti. January 28, 2011. ( SURYA KANT ) dinesh JUDGE