Civil Writ Petition No.13889 of 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No.13889 of 2009 Date of decision:07.10.2009. Bhupinder Singh and another ...Petitioners Versus The Punjab National Bank and others ...Respondents CORAM: HON'BLE MR. JUSTICE JASBIR SINGH Present: Mr. A.K.Walia, Advocate, for the petitioners. Mr. H.R.Bansal, Advocate, for respondent Nos.1 and 2. Mr. Anil Sharma, Addl. A.G., Punjab, for respondent No.3. ***** JASBIR SINGH, J. (ORAL). This writ petition has been filed with a prayer to quash notice dated 04.08.2009 (P-4), issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is an admitted fact that the petitioners, after raising loan, failed to make the repayment thereof. On default being committed, the bank was compelled to initiate proceedings under provisions of the above said Act. When notice of motion was issued, following order was passed by this Court on 07.09.2009: - “This writ petition has been filed to lay challenge to a Civil Writ Petition No.13889 of 2009 -2- notice dated 4.8.2009 (P4), issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, to take possession of the mortgaged property. It is not in dispute that the petitioners are defaulters and have failed to keep pace with the schedule fixed for the repayment of the loan amount. Counsel for the petitioners states that with a view to save their house, the petitioners are ready to deposit the loan amount, however, in installments. Counsel further submits that to show their bona fide, the petitioners are ready to deposit Rs.three lacs with the bank on or before the next date of hearing and shall pay rest of the amount as per installments to be fixed by the respondent-bank. In view of averments made, as mentioned above, notice of motion for 5.10.2009. Dispossession of the petitioners shall remain stayed from the house in question. It is made clear that if the petitioners fail to deposit the amount with the bank as undertaken, on the next date of hearing, this writ petition shall be dismissed with costs.” Counsel for the petitioners has produced a photocopy of a receipt to show that the petitioners have deposited an amount of Rs.3 lac with the bank, in response to the order mentioned above. Counsel for the petitioners undertakes that from the next month, the petitioners shall make payment of rest of the amount, in installments @ Rs.10,000/- per month. To the offer made, counsel for respondent Nos.1 and 2 failed to raise any objection. Civil Writ Petition No.13889 of 2009 -3- In view of above facts, this writ petition is disposed of with a direction to the petitioners to be strict to their undertaking given in this Court. It is made clear that if the petitioners commit default in depositing two conjunctive installments, the bank will be at liberty to start the proceedings against them, as per law, from the stage where the proceedings were, at the time when this writ petition was filed. Disposed of. October 07, 2009 (JASBIR SINGH) vinod* JUDGE