CWP No.14157 of 2010.doc - 1 - HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.14157 of 2010 Date of Decision: 19.11.2010 **** M/s. BJ Enterprises . . . . Petitioner VS. State Bank of India and Anr. . . . . . 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. JS Dadwal, Advocate for the petitioners Mr. Vikas Chatrath, Advocate for the respondents ***** SURYA KANT J. (ORAL) 1. The petitioner is aggrieved by the action initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, ‘the Act’). The petitioner’s cash credit limit account was declared NPA on 05.11.2009 due to non-payment of the due instalments and for not routing the sale proceeds through its credit account and also for non-submission of the financial data for the year ending 31.03.2009 for renewal of the credit facilities. 2. On 11.08.2010, the petitioner was directed to deposit a sum of `1,25,000/- which admittedly has been deposited by the petitioner. 3. The respondent-Bank has filed its reply/affidavit explaining that the petitioner is a habitual defaulter who failed to route CWP No.14157 of 2010.doc - 2 - the sale proceeds through the credit account and also did not submit the financial data for renewal of the credit facilities. 4. Counsel for the petitioner, on the other hand, submits that the petitioner is willing to deposit not less than `30,000 per month till the payment of overdue amount and till the regularisation of its CC account. 5. In this view of the matter, the writ petition is disposed of with a direction that subject to the petitioner’s depositing the above- stated monthly instalment without two consecutive defaults, the respondents are directed to keep the impugned action in abeyance under the Act. However, in the event of any default, the respondents shall be at liberty to proceed against the petitioner in accordance with law. 6. Ordered accordingly. Dasti. 19.11.2010 vishal shonkar (SURYA KANT) JUDGE