Civil Writ Petition No. 18764 of 2009 1 In the High Court of Punjab and Haryana, at Chandigarh. Civil Writ Petition No. 18764 of 2009 Date of Decision: 15.12.2009 Mohan Lal and Another …Petitioners Versus Punjab & Sind Bank, Chandigarh and Another …Respondents CORAM: HON’BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA. Present: Mr. Ashish Aggarwal, Advocate for the petitioners. Mr. I.P.Singh, Advocate for the respondents. Kanwaljit Singh Ahluwalia, J. (Oral) Mr. I.P.S. Doabia, Advocate, appearing for the respondent- Bank, states that as on today Rs.7,02,000/- is outstanding against the petitioners. Counsel for the petitioners states that petitioners are living in extreme poverty and are not in position to pay the loan amount. Counsel further states that petitioners are only having one house which is mortgaged with the bank. Counsel prays that petitioners be permitted to take recourse to selling of the house with the consent of the bank. During course of arguments, it has been agreed that the petitioners will search for a buyer of the house within three months from today. The earnest money will be deposited with the bank. Agreement to Civil Writ Petition No. 18764 of 2009 2 sell will be witnessed by the bank and all the sale proceeds received either in lump sum or in instalments will be deposited with the bank. After the sale deed is executed, in case the sale proceeds are more than the loan amount, petitioners shall be entitled to refund of the excess amount. To clarify, agreement to sell will be executed within three months and sale deed within next three months. Failure on the part of the petitioners to find any prospective buyer within three months, shall entitle the bank to proceed against the petitioners, in accordance with provisions of law. Petitioners, as stated, shall also file an undertaking before the Bank Manager in consonance with the arrangement noticed in this order. In view of broad consensus arrived between the parties, present writ petition is disposed of. (Kanwaljit Singh Ahluwalia) Judge December 15, 2009 “DK”