IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 2238 of 2010. [O&M] Date of Decision: 30th June, 2010. Dhanwant Singh Petitioner through Mr. Vineet Sharma, Advocate Versus Corporation Bank Respondents through Mr. Banni Thomas, Advocate. 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? SURYA KANT, J. [ORAL] The petitioner seeks quashing of the notices dated 03.10.2009 and 18.01.2010 [Annexures P-1 and P-4] whereby action under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security and Interest Act, 2002, has been initiated against him. Shorn of the details, the petitioner has taken a loan of Rs.1,17,000/- from the respondent Bank on 30.08.2006. It appears that the petitioner having defaulted in payment of the monthly installments that the Bank has re-called the loan agreement and has initiated proceedings under Section 13 of the Act, prompting the petitioner to approach this Court. On 10.03.2010, the petitioner brought a demand draft of Rs.10,000/-, upon which his dispossession was stayed. Thereafter, it appears, the petitioner has further deposited a sum of Rs.20,000/- followed by another payment of Rs.10,000/- on 10.08.2010. Be that as it may, learned counsel for the petitioner undertakes that the petitioner is ready and willing to pay the balance loan amount along with interest in monthly installment each being of Rs.10,000/-. The offer made by the petitioner appears to be genuine and fair. Consequently, the writ petition is allowed, the impugned notices [Annexures P-1 and P-4] are directed to be kept in abeyance till the petitioner pays off the entire loan amount in monthly installments, each being of Rs.10,000/-. However, in case the petitioner makes any default, the respondent Bank shall be at liberty to proceed against him, in accordance with the procedure provided under the Act. Disposed of. Dasti. June 30, 2010. ( SURYA KANT ) dinesh JUDGE