IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH Civil Writ Petition No.22036 of 2010 Date of Decision : December 10, 2010. M/s Altech Polychem Limited .....Petitioner versus UCO Bank and another .....Respondents CORAM : HON'BLE MR.JUSTICE SURYA KANT. Present : Mr.R.K.Aggarwal, Advocate, for the petitioner. -.- 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 petitioner is aggrieved by the Notice dated 13.10.2010 (Annexure P-4) issued by the respondent Bank under Section 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the 2002 Act'). The petitioner has availed the CC limit facilities from the respondent-bank. It is averred that by now the over due amount is Rs.10 lacs which the petitioner is willing to pay on or before 31.12.2010 in three instalments and the first instalment of not less than Rs.three lacs, shall be deposited within a period of one week. It is also pointed out that the petitioner's account was treated as `standard asset' in August, 2010 but soon thereafter, it has been declared C.W.P.No .22036 of 2010 2 NPA without any tangible reason. Having heard learned counsel for the petitioner, I am of the considered view that the petitioner, if so advised, may submit its objections to the Bank under Section 13 (3) of the Act. If the petitioner submits its objections within a period of two weeks and also deposits the first instalment of over due amount within one week, as per the undertaking given above, the respondent-bank is directed to consider the objections of the petitioner under Section 13(3A) of the Act by passing a speaking order. If the petitioner is still aggrieved, liberty is granted to it to approach the Debt Recovery Tribunal under Section 17 of the Act. However, no coercive action shall be taken by the respondent-bank for a period of one month after passing of the order under Section 13 (3A) of the Act. Ordered accordingly. Dasti. December 10, 2010 (SURYA KANT) Mohinder JUDGE