CWP No.21853 of 2010.doc - 1 – HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.21853 of 2010 Date of Decision: 10.12.2010 **** M/s. Hotel Express Inn. . . . . Petitioner VS. State Bank of India . . . . . Respondent **** 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. Rohit Suri, Advocate for the petitioner ***** SURYA KANT J. (ORAL) (1). The petitioner is aggrieved by the action taken against it under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, ‘the Act’), whereby, physical possession of the hotel “Express Inn” situated in Amritsar has been taken over by the respondent- Bank. (2). The petitioner has two-fold grievance. Firstly, it is urged that given the reasonable period of four months, the petitioner is wiling to liquidate the entire loan liability of over `2 crore. Secondly, the respondent- Bank has issued an auction notice with a reserve price of `4 crore whereas the market price of the hotel in CWP No.21853 of 2010.doc - 2 – question, according to the petitioner, is not less than `10 crores. (3). Having heard learned counsel for the petitioner, I am of the considered view that no interference by this Court is called for at this stage except to observe that the petitioner may submit its offer to the respondent-Bank before the date fixed for the auction and if the same is found feasible, the respondent-Bank would obviously be at liberty to accept the same and grant some reasonable period to the petitioner to liquidate its loan liability. (4). The petitioner shall also be at liberty to bring a propective buyer who is willing to buy a part of the property which might be sufficient to generate funds to liquidate the entire loan liability. If such a customer comes forward and expresses his willingness to pay the sale consideration which must be not less than the due loan amount, the respondent-Bank is directed to accept such offer and not to confirm the sale of the entire building. (5). Ordered accordingly. Dasti. 10.12.2010 vishal shonkar (SURYA KANT) JUDGE