C.W.P. No.22437 of 2010 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P. No.22437 of 2010 Date of Decision: 16.12.2010 M/s Orient Sales ……Petitioner Versus UCO Bank and another ……Respondents CORAM: HON'BLE MR. JUSTICE AJAY TEWARI -.- Present: Mr. Vishal Aggarwal, Advocate for the petitioner. 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? AJAY TEWARI, J. (ORAL) The petitioner is aggrieved by the notice dated 13.10.2010 (Annexure P/-4) issued by the respondent Bank under Section 13(4) of the Securitization and Reconstruction of Financial Asses and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 2002 Act). The petitioner has availed the CC Limit facilities from the respondent-Bank. It is averred that by now the over due amount is `7.01 lacs which the petitioner is willing to pay on or before C.W.P. No.22437 of 2010 -2- 31.12.2010 in three installments and the first installment of not less than `2.5 lacs, shall be deposited on or before 21.12.2010. It is also pointed out that the petitioners account was treated as standard asset in August, 2010 but soon thereafter, it has been declared NPA without any tangible reason. Having heard learned Counsel for the petitioner, I am of the considered view that the petitioner, if so advised, may submit its objections to the Bank under Section 13(3) of the Act. If the petitioner submits its objections within a period of two weeks and also deposits the first installment of over due amount within the aforesaid period, as per the undertaking given above, the respondent-Bank is directed to consider the objections of the petitioner under Section 13(3-A) of the act by passing a speaking order. If the petitioner is still aggrieved, liberty is granted to it to approach the Debt Recovery Tribunal under section 17 of the Act. However, no coercive action shall be taken by the respondent-Bank for a period of one month after passing of the order under Section 13 (3-A) of the Act. Ordered accordingly. The petition stands disposed of. ( AJAY TEWARI ) December 16, 2010 JUDGE ashish