Civil Writ Petition No.12475 of 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No.12475 of 2009 Date of decision:02.09.2009. M/s Jagjit Enterprises ...Petitioner Versus HDFC Bank Ltd. and others ...Respondents CORAM: HON'BLE MR. JUSTICE JASBIR SINGH Present: Mr. Gurcharan Dass, Advocate, for the petitioner. Mr. Sandeep Suri, Advocate, for the respondents. ***** JASBIR SINGH, J. (ORAL). This writ petition has been filed with a prayer to direct the respondents to take a final decision, on the reply-cum-legal notice served by the petitioner, on 23.07.2009 (P-3). Further prayer is to issue directions to the respondent – Bank to accept request of the petitioner for `one time settlement'. When notice of motion was issued on 20.08.2009, following contention of counsel for the petitioner was noticed by this Court: - “This writ petition has been filed to lay challenge to the notice, issued by the respondents under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Counsel for the petitioner states that to show their bonafide, the petitioner shall bring a demand draft in the sum of Rs.5,00,000/-, drawn in favour of the respondent – Bank, Civil Writ Petition No.12475 of 2009 -2- on the next date of hearing.” To fulfill its promise, counsel for the petitioner has handed over over a Demand Draft of Rs.5 lac, in Court, to the counsel for the respondent – bank. Thereafter, matter was amicably settled and counsel for the respondent – bank, after getting instructions from Shri Probir Singh Ranu, Area Legal Manager, states that if the petitioner pays an amount of Rs.3,30,000/- towards full and final settlement, in three equated installments, in three months, the bank shall not charge any interest from it and on payment of that amount, the mortgaged property shall be released. On getting instructions from the petitioner, Shri Gurcharan Dass states that the petitioner shall deposit the remaining amount of Rs.3,30,000/- in three equated installments of Rs.1,10,000/- each, in three months. In view of the statement made by the parties, this writ petition has become infructuous. It is made very clear that in case the petitioner fails to make payment as stated above, the bank shall be at liberty to initiate action against the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. September 02, 2009 (JASBIR SINGH) vinod* JUDGE