CIVIL WRIT PETITION NO. 4021 of 2011 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CIVIL WRIT PETITION NO. 4021 of 2011 DATE OF DECISION: APRIL 19, 2011 M/s Altech Ploychem Ltd. .....Petitioner VERSUS The authorized Officer, UCO Bank and another ....Respondents CORAM:- HON'BLE MR.JUSTICE RANJIT SINGH PRESENT: Mr. Anant Kataria, Advocate, for the petitioner. Mr. Sanjiv Gupta, Advocate, for respondent No.1. **** RANJIT SINGH, J. On 10.3.2011, notice of motion was issued on the basis of submission made by the counsel for the petitioner to the effect that the petitioner is ready to sell the property mortgaged and to discharge the entire loan liability. The counsel had then maintained before the Court that in case the property is attached, its value would go down. While issuing notice of motion, the petitioner was made to clearly understand that he has to come up with a concrete proposal having a buyer to discharge the complete liability and in case, the petitioner is not able to make any effective offer the writ petition is liable to be dismissed. The order passed on 10.3.2011 is as under:- “Counsel for the petitioner submits that the petitioner is ready to sell the property CIVIL WRIT PETITION NO. 4021 of 2011 -2- mortgaged and would discharge the entire loan liability. Counsel further submits that in case the property is attached, its value would go down. Notice of motion for 19.4.2011. At this stage, Mr. Sanjiv Gupta, Advocate, who is on the caveat, accepts notice on behalf of caveator/respondent and prays for time to have instructions. Till further orders, status quo be maintained with regard to property. The petitioner should come up with the concrete proposal having a buyer in order to discharge the complete liability. In case the petitioner is not able to make any effective offer, the writ petition is liable to be dismissed.” Today, the counsel has come up with the proposal that he has buyer for one property of ` 15 lacs. The loan due for payment is nearly ` 2 crores. Since the petitioner has not stood by the undertaking, which he had given before this Court, in my view, no case in equity or otherwise is made out for continuing with the writ petition any further. The writ petition is, therefore, dismissed. April 19, 2011 ( RANJIT SINGH ) monika JUDGE