IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P. No. 2726 of 2007 DATE OF DECISION: JANUARY 28, 2008 Sarwan Singh and others .....PETITIONERS Versus State Bank of Patiala and others ....RESPONDENTS CORAM: HON'BLE MR.JUSTICE SATISH KUMAR MITTAL HON'BLE MR.JUSTICE RAKESH KUMAR GARG --- Present: Mr.B.S. Jaswal, Advocate, for the petitioners. Mr. P.D. Mehta, Advocate, for the respondents. .. SATISH KUMAR MITTAL, J. (Oral) The petitioners, who are the borrowers, have filed this writ petition for quashing the auction notice dated 28.1.2007 (Annexure P-7) for auctioning the residential house of the petitioners without following the procedure laid down under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. On December 18, 2007, the respondent bank was asked to file an affidavit stating therein the exact amount due to the bank so that the petitioner can make the payment of that amount. In response thereto, Shri S.N. Batra, Manager, State Bank of Patiala, Sultanpur Lodhi, Kapurthala has filed the affidavit indicating that the petitioners owe a sum of Rs.6,58,537/- to the respondent bank as on date i.e. 31.12.2007. C.W.P. No. 2726 of 2007 -2- Counsel for the petitioners contends that there is a talk of compromise and the petitioners are going to make an offer in that regard within 15 days. Counsel for the respondent bank states that in case the petitioners make any reasonable offer, the same will be considered by the respondents. In view of the aforesaid, we dispose of this petition with liberty to the petitioners to make a reasonable offer for making payment of the above-said amount or less amount agreed between the parties within 15 days. In case any such offer is made, the same will be considered by the respondent bank within a period of one month thereafter. Till then, the property in question will not be auctioned. If no settlement is arrived at between the parties, it will be open for them to proceed in accordance with law. (SATISH KUMAR MITTAL) JUDGE January 28, 2008 (RAKESH KUMAR GARG) vkg JUDGE