IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH. Crl. Misc. No. M-12296 of 2011. [O&M] Date of Decision: 1st June, 2011. Parkash Chand Petitioner through Mr. Naresh Jain, Advocate Versus U.T.Administration, Chandigarh Respondent through Ms. Ashma Mor, Advocate. 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? SURYA KANT, J. [ORAL] The petitioner seeks his enlargement on regular bail in the case FIR No. 183 dated 06.11.2009, registered under Sections 420/467/468/471/120-B IPC at Police Station, City Sector 3, Chandigarh. The afore-stated case has been got registered by Kotak Mahindra Bank Ltd. The allegations are that the petitioner and his associates got sanctioned a loan of `2.5 crores in two parts in October, 2007 by creating equitable mortgage of immovable properties. The petitioner and his associates failed to repay the loan amount. It is alleged that the immovable properties purportedly owned by Jaswinder Singh – one of the associate of the petitioner were later on found to be fake and fictitious. However, two properties owned by the petitioner which were also mortgaged in favour of the Bank were genuine and have been sold by the Bank and the sale proceeds have been adjusted against the loan amount. The petitioner was arrested on 11.11.2010 and some of his co-accused including his wife and father are still absconding and have been declared proclaimed offenders. The conclusion of the magisterial trial would, thus, take a long time. In these circumstances, no purpose shall be served by keeping the petitioner incarcerated. The petition is accordingly allowed. However, in order to ensure that the interest of the Bank is duly protected and that the petitioner does not flee from the process of law, it is directed that the petitioner or his surety shall furnish original title deeds of some immovable properties having market value not less than the balance loan amount as a surety. The owner of the properties-cum-surety, shall also execute necessary documents to create lien of the Bank on his/their properties and in case the loanee[s] including the petitioner fail to repay the loan amount within six months from the date of his release on bail though without prejudice to his/their legal rights, then the Bank shall be at liberty to recover the same by selling the properties under lien. Subject to the petitioner furnishing the bail bonds in the afore-stated terms to the satisfaction of the Chief Judicial Magistrate/Duty Magistrate, Chandigarh, he shall be released on regular bail. Disposed of. Dasti. June 01, 2011. ( SURYA KANT ) dinesh JUDGE