IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No.4470 of 2009 Date of decision: 20th October, 2009 Gian Chand … Petitioner Versus Bank of India and others … Respondents CORAM: HON'BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA Present: Mr. R.S. Ahluwalia, Advocate for the petitioner. Mr. G.S. Anand, Advocate for respondents No.1 and 2. Mr. Vivek K. Thakur, Advocate for respondent No.3. KANWALJIT SINGH AHLUWALIA, J. (ORAL) Petitioner, as a guarantor, had mortgaged his residential house to the respondent Bank. The respondent Bank, for recovery of the loan amount, under The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as, ‘the Act’), had put the house for auction. Respondent No.3 purchased the house for Rs.6.05 lakh. Counsel for the petitioner had assailed the sale of the house on the ground that the property was sold at a price, which was lower than the price fixed by the Collector. He has also raised various objections to the sale. Notice of motion was issued. In order dated March 30, 2009, contention of counsel for the petitioner was recorded that he will pay the interest at the banking rate to the Auction Purchaser, in case the respondent Bank decides to cancel the auction. Mr. G.S. Anand has caused appearance for the respondent Bank and has submitted that till 10th October, 2009, petitioner is liable to Civil Writ Petition No.4470 of 2009 pay Rs.10,49,955/-. He has further submitted that petitioner be also saddled with the interest, which the Bank has to pay to the Auction Purchaser, while returning the amount. Counsel for the petitioner has submitted that he will pay the entire amount on or before 1st March, 2010 along with interest, which will accrue on the loan amount and the interest, which is to be paid to the Auction Purchaser for return of the amount. Since, broad consensus has been arrived at between the petitioner and the Bank, it is ordered that in case petitioner returns the loan amount along with the interest, which will accrue till the date of payment and also the interest, which the Bank has to pay to the Auction Purchaser, on return of the amount, the property in dispute shall be released to the petitioner and the mortgage will stand redeemed. In case, needful is not done, the respondent Bank may proceed in accordance with provisions of law, and no relief shall accrue to the petitioner out of present proceedings. With these observations, present petition is disposed of. [KANWALJIT SINGH AHLUWALIA] JUDGE October 20, 2009 rps 2