CWP No.1470 of 2010.doc - 1 – HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.1470 of 2010 (O&M) Date of Decision: 21.09.2010 **** M/s INS Finance & Investment Pvt. Ltd. . . . . Petitioner VS. Punjab National Bank . . . . . Respondents **** 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? **** Present: Mr. NS Shekhawat, Advocate for the petitioner Mr. RS Bhatia, Advocate for respondent No.1 Mr. Anil Jain, respondent No.5 in person ***** SURYA KANT J. (ORAL) (1). Mr. Bhatia, learned counsel representing respondent No.1/Bank states that the Punjab National Bank has approved the compromise with the borrower-respondent No.5 and as a result thereto it is willing to refund the amount deposited by the petitioner along with interest incurred thereupon subject to the petitioner’s handing over possession of the auctioned property back to the Bank. (2). Learned counsel for the petitioner has no objection against the handing over of the CWP No.1470 of 2010.doc - 2 – possession back to the respondent-Bank, however, subject to the petitioner’s right to challenge the compromise arrived at between the borrower and the Bank and/or any other legal action/rights to which the petitioner may be entitled to in law. (3). In this view of the matter the writ petition is disposed of with a direction that the respondent- Bank shall return the whole amount deposited by the petitioner along with interest accrued thereupon within a period of two weeks from the date of receipt of a certified copy of this order and the petitioner shall then immediately hand over the physical possession of the auctioned property to the Bank without prejudice to the legal rights of the petitioner as may be available in law. (4). Similarly, this order shall cause no prejudice to the legal rights of respondent No.5 to initiate any legal action under the law against the petitioner. (5). Ordered accordingly. (6). Dasti . (SURYA KANT) JUDGE 21.09.2010 vishal shonkar CWP No.1470 of 2010.doc - 3 –