IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH CWP No.17176 of 2008 Date of decision: February 10, 2009. Surjit Kaur & Anr. ...Petitioner(s) v. Punjab National Bank & Anr. ...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 B.S. Jolly, Advocate for the petitioner. Shri R.S. Bhatia, Advocate for respondent No.1. ORDER Surya Kant, J. - (Oral): This writ petition seeks quashing of the order dated 15.9.2008 (Annexure P-4) whereby the respondent-Bank has decided to take possession of the petitioners' residential house by invoking powers under Section 13(2)(i) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Notice of motion was issued and in response thereto, Learned Counsel for the parties have been heard. According to Learned Counsel for the Respondent-Bank, the petitioner is still liable to pay a sum of Rs.4,40,000 (approx.) along with interest upto 31st January, 2009. Learned Counsel for the Petitioner submits that this is the only residential house owned by the petitioner, who is ready and willing to discharge the entire loan liability provided that some reasonable time is granted. Having heard Learned Counsel for the parties and considering all the attending circumstances, I dispose of this writ petition with a direction that in case the petitioner pays the balance loan amount on or before 15.5.2009, the respondent-Bank shall not take physical possession of the subject house and shall not put the same to auction. The petitioner shall be at liberty to pay the loan amount either in installments or in lump-sum, however, no further time shall be granted to her. In case the petitioner fails to discharge the loan liability within the stipulated period, the respondent- Bank shall be entitled to take physical possession of the subject house and put the same to auction for recovery of the loan arrears. It is further directed that henceforth the respondent-Bank shall not charge any interest till 15.5.2009 subject to the payment of loan amount by that time. Disposed of. February 10, 2009. [ Surya Kant ] kadyan Judge