CWP No.17462 of 2010.doc - 1 – HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.17462 of 2010 (O&M) Date of Decision: 16.11.2010 **** M/s Guru Nanak Rice Mills . . . . Petitioner VS. Punjab & Sind Bank & Anr. . . . . . Respondents **** 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? **** Present: Mr. Saurav Khurana, Advocate for the petitioner Mr. CS Sidhu, Advocate for the respondents ***** SURYA KANT J. (ORAL) (1). The petitioner – Rice Mills is aggrieved by the action taken by the respondents under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, ‘the Act’). (2). One of the contentions raised on behalf of the petitioner is that the matter was settled for payment of `65 lacs against which the petitioner has already deposited upfront amount of `40 lacs. The petitioner-Mill has thereafter increased its offer to `71 lacs also but, it appears, to be not acceptable to the respondent-Bank. CWP No.17462 of 2010.doc - 2 – (3). In these circumstances and taking into consideration the recent decision of the Hon’ble Supreme Court in United Bank of India v. Satyawati Tondon and others, Civil Appeal No.5990 of 2010, I deem it appropriate to dispose of this writ petition with liberty to the petitioner to approach the Debt Recovery Tribunal (DRT), who in turn is directed to consider the question of settlement and/or the revised offer made by the petitioner. It is further directed that the dispossession of the petitioner shall remain stayed for a period of two months so as to enable it to meanwhile seek interim protection from the DRT. It is also directed that in case the petitioner approaches the DRT within a period of two weeks from the date of receipt of a certified copy of this order, its appeal/application shall decided on merits without entertaining the objection of limitation. (4). Ordered accordingly. Dasti. (SURYA KANT) JUDGE 16.11.2010 vishal shonkar