C.W.P NO. 7360 OF 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P NO. 7360 OF 2009 DECIDED ON : 15.05.2009 M/S Mahalaxmi Textiles ...Petitioner versus Bank of Maharashtra and another ...Respondents CORAM : HON'BLE MR. JUSTICE SURYA KANT Present : Mr. Pankaj Gupta, Advocate, for the petitioner. Ms. Archana Sharma, Advocate, for the respondents-Caveator. SURYA KANT, J. (ORAL) The petitioner seeks quashing of the notice dated January 07, 2009 and March 16, 2009, whereby proceedings under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, have been initiated against him. The respondent-bank is in caveat. Learned counsel for the parties have been heard at some length and records perused. C.W.P NO. 7360 OF 2009 -2- The petitioner has four separate accounts with the respondent-Bank including the one which is subject matter of these proceedings. All the four accounts have been declared NPA on 31.03.2009. Consequently, the petitioner herds to pay more than Rs.50 lacs (appx.) to the respondent-Bank to liquidate his loans liability. Learned counsel for the petitioner submits that though the petitioner is not in a position to deposit the loan arrears, he may be permitted to arrange a prospective buyer for the sale of the mortgaged property which the respondent-Bank has proposed to dispose of with a reserve price of Rs.60 lacs. The petitioner claims that the value of the property is over Rs. One crore. Taking into consideration all the attending circumstances and in order to test the petitioner's bona fide, the writ petition is disposed of with a direction that the respondent- Bank may continue with the tender process already initiated by it. However, the same may not be finalized till 06.06.2009. Meanwhile, the petitioner shall be at liberty to bring a customer who might be ready and willing to pay more than the maximum bid received by the Bank. The respondent-Bank may enter into a tripartite agreement with the buyer, if any, brought by the petitioner so that the sale consideration to the extent of loan liability can be directly paid to the Bank. However, in case the petitioner fails to bring any buyer by 06.06.2009, the respondent-Bank shall be at liberty to open the tenders and finalize the sale. C.W.P NO. 7360 OF 2009 -3- Disposed of. Let a copy of this order be given dasti on payment of usual charges. MAY 15, 2009 (SURYA KANT) shalini JUDGE