IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH CWP No.3323 of 2009 Date of decision: March 3, 2009. Pawan Kumar ...Petitioner(s) v. Punjab & Sind Bank ...Respondent(s) CORAM:HON'BLE MR. JUSTICE SURYA KANT 1. Whether Reporters of local papers may be allowed to see the judgment ? 2. Whether to be referred to the Reporters or not ? 3. Whether the judgment should be reported in the Digest? Present: Shri Veneet Sharma, Advocate for the petitioner. ORDER Surya Kant, J. - (Oral): Notice of motion. On the asking of the Court, Shri I.P. Singh, Advocate, accepts notice on behalf of the respondent. The prayer in this writ petition is for quashing of the notice dated 3.2.2009 (Annexure P-2) whereby the respondent-Bank has decided to put the secured asset, namely, the residential house of the petitioner to auction for recovery of the arrears of house loan amount. Suffice it to note that the petitioner took a house loan of Rs.4 lacs in the year 2003 and having defaulted in payment of its installments, that the proceedings under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have been initiated against him. It is pursuant thereto that the respondent-Bank has now decided to auction the petitioner's residential house to recover the house loan amounting to approximately Rs4,33,000/-. Learned Counsel for the Petitioner, on instructions, states that the petitioner is ready and willing to deposit a sum of Rs.1 lac within two weeks and the entire balance amount within six months thereafter. Learned Counsel for the Petitioner further states that the balance loan amount, along with interest, shall be paid by the petitioner within the specified period by way of monthly installments of Rs.50,000/- each. In view of the above given undertaking and subject to adherence by the petitioner thereto, the writ petition is disposed of with a direction to the respondent to keep the proceedings under Section 13 the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in abeyance till the expiry of the maximum period given above to the petitioner to discharge his loan liability. March 3, 2009. [ Surya Kant ] kadyan Judge