CR No.4415 of 2009 (O & M) ::1:: IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CR No.4415 of 2009 (O & M) Date of decision: 12.03.2010 Balbir Singh and another .. Petitioners Versus State Bank of Patiala .. Respondent CORAM: HON'BLE MR.JUSTICE AJAY TEWARI a). Whether Reporters of Local Papers may be allowed to see the judgment ? b). To be referred to the Reporters or not ? c). Whether the judgment should be reported in the Digest ? Present:- Mr.V.S.Punia, Advocate for the petitioners Mr.Vikas Chatrath, Advocate for the respondent . . . AJAY TEWARI, J. (ORAL) This petition has been filed against the order whereby the property of the petitioner has been ordered to be auctioned and a notice issued to show cause why he should not be arrested. Learned counsel for the petitioner has stated that the petitioner is ready to repay the entire amount due within a period of two years w.e.f. May, 2010 provided the interest is reduced. He has relied upon an earlier statement between the parties dated 24.03.2001 whereby the respondent-Bank had agreed to charge the rate of interest at 12.25%. However, learned counsel for the respondent has stated that the settlement was conditional upon the appellant-petitioner making the entire payment as per the Schedule and, since the payment was not made as per the Schedule under that agreement, the respondent was entitled to charge the decretal rate of interest. Considering the agricultural status of the petitioner and CR No.4415 of 2009 (O & M) ::2:: the fact that the loan was obtained for agriculture purpose and that the entire payment would be made within a period of two years, it would be in the interest of justice to reduce the rate of interest to 12.25% (which was agreed at one point of time). It is, therefore, directed that the respondent shall work out the Schedule for payment (on quarterly basis starting from 15th of May,2010 up to 15th of June, 2012) wherein the interest will be worked out at 12.25% and the amount of instalment which would cover entire loan amount would be informed to the petitioner. Let the petitioner appear before the respondent on 08.04.2010 to get the revised Schedule of payment. Needless to say that if the petitioner defaults even on this second concession, he would not be entitled to any further concession on any ground. It is also further clarified that the property of the petititioner shall be on charge for this debt. With this modification, the revision petition is disposed of. The Civil Miscellaneous Application, if any, also stands disposed of. March 12, 2010 (AJAY TEWARI) Sukhpreet JUDGE