1 C.W.P. No. 13337 of 2009 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH --- Civil Writ Petition No. 13337 of 2009 Date of Decision: 3.2.2010 M/s. Septu (India) Pvt. Ltd. --- Petitioner Versus Canara Bank and another --- Respondents CORAM: HON’BLE MR. JUSTICE AJAY KUMAR MITTAL *** PRESENT: Mr. Girish Agnihotri, Sr. Advocate with Ms. Binayjeet Sheoran, Mr. Pankaj Mulwani and Mr. Arvind Seth, Advocates for the petitioner. Mr. I.P. Singh, Advocate for the respondents. --- AJAY KUMAR MITTAL, J. In this petition filed by the petitioner, a private Limited Company, under Articles 226/227 of the Constitution of India, the prayer made is for issue of a writ of mandamus directing the respondents to honour their own settlement arrived at vide letter dated 10.11.2003 (Annexure P-10) and accordingly accept the balance amount from it with simple interest at the rate of 9% or 12% per annum. The petitioner has further prayed for a writ in the nature of prohibition, restraining the respondents from putting its factory premises, situated at village Begampur Khatola, 39th Milestone, 2 C.W.P. No. 13337 of 2009 Delhi-Jaipur Highway, Gurgaon to sale and taking possession thereof as reflected in the Schedule “B” of the notice dated 21.10.2008, till the final decision of the present writ petition or other legal proceedings pending between it and the respondent-Bank without first settling the accounts. During the course of hearing, it was not disputed that the respondents have filed Original Application No. 264 of 2004 before the Debts Recovery Tribunal-I, Chandigarh, (in short “the Tribunal) which is still pending. Learned counsel for the parties are agreed that this writ petition may be disposed of with a direction to the said Tribunal to decide the said Original Application within a fixed period. Learned counsel for the respondents, however, further submitted that meanwhile the petitioner be directed to deposit some amount to show its bona fide, and in case it is so done, the respondents shall not put the factory premises of the petitioner to auction till the decision of the Original Application pending before the Tribunal. Learned counsel for the petitioner, on instructions from his client, stated that the petitioner had earlier deposited a sum of rupees fifty lacs in terms of its undertaking given at the time of issuing notice of motion on 28.8.2009 and it will now deposit a further sum of rupees ten lacs with the respondent-bank within a period of one month from today. At this, learned counsel for the respondents stated that if the petitioner sincerely abides by its undertaking given to this Court today and accordingly deposits a sum of rupees ten lacs within a period of ten days from today, the 3 C.W.P. No. 13337 of 2009 respondents shall not auction the factory premises or the properties of the petitioner till the decision of the Original Application pending before the Tribunal. In view of the above, the writ petition is disposed of with a direction to the Debts Recovery Tribunal-I, Chandigarh to dispose of the Original Application filed by the petitioner expeditiously, preferably within a period of three months from the date a certified copy of this order is made available to it. It is further directed that in case the petitioner deposits a further sum of rupees ten lacs within 30 days from today, as proposed above, the property of the petitioner mortgaged with the respondent-bank shall not be auctioned till the decision of the Original Application by the Tribunal. (AJAY KUMAR MITTAL) February 3, 2010 JUDGE *RKMALIK*