CWP No.1905 of 2010 --1-- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No. 1905 of 2010 Date of decision : 10.3.2010 Deepak Bansal ...Petitioner Versus ICICI Home Finance Company Limited and others ...Respondents CORAM : HON'BLE MR.JUSTICE AJAY KUMAR MITTAL **** Present: Mr. R K Nagpal, Advocate, for the petitioner. Mr. R M Suri, Advocate, for respondent Nos.1 and 2. Mr. D K Singal, Advocate, for respondent No.3. **** AJAY KUMAR MITTAL, J. (ORAL) Written statement on behalf of respondent No.3 has been filed in Court today. A copy thereof has been supplied to the counsel opposite. Written statement filed on behalf of respondent No.3 is taken on record. Office to tag the same at the appropriate place. In para 5 of the written statement, it has been pointed out that after finally settling the loan account with respondent No.3, the petitioner had agreed to pay the entire outstanding amount of Rs.9,25,000/- in the following manner:- First instalment on or before 16th February, 2010: Rs.3,50,000/- CWP No.1905 of 2010 --2-- Second instalment on or before 2nd March, 2010: Rs.1,00,000/- Third instalment on or before 25th March, 2010 : Rs.4,75,000/- It is not disputed that the first instalment of Rs.3,50,000/- has already been deposited by the petitioner by the aforesaid agreed date. Learned counsel for the petitioner, however, states that the second instalment which was due on 2nd March, 2010, could not be paid by that date but he has brought a Demand Draft dated 9.3.2010 in the sum of Rs.1,00,000/- in favour of respondent No.3 towards the second instalment. The draft has been handed over to the learned counsel for respondent No.3 which has been accepted and the delay of one week in paying the second instalment is condoned in the facts and circulstances of the present case. Learned counsel for the petitioner further states that the petitioner had agreed to make payment of the third instalment of Rs.4,75,000/- on or before March 25, 2010, but due to the tight financial position, the date for payment of the same may be extended as the petitioner is keen to settle the account and clear the entire outstanding dues of respondent No.3. Learned counsel for the petitioner has given an assurance that a sum of Rs.2,00,000/- shall be deposited by the petitioner on or before April 30, 2010 and the remaining amount of Rs.2,75,000/- on or before May 31, 2010. This has been accepted by Mr. J P Singh, Manager of the respondent-Bank who pointed out that till the entire amount is cleared by the petitioner, no construction or any encumbrance should be created on the mortgaged plot. It has been agreed between the parties that the petitioner shall not raise any construction or create any encumbrance on the mortgaged plot till the outstanding loan is cleared and respondent CWP No.1905 of 2010 --3-- No.3 shall hand over the title deeds of the mortgaged property after receiving the balance amount of Rs.4,75,000/- in terms of the settlement made between the parties. In view of the above development, the writ petition is accordingly disposed of. It is, however, made clear that in case the petitioner defaults in adhering to the schedule as agreed upon by him for repayment of the balance amount of Rs.4,75,000/-, the respondents shall be at liberty to resort to the remedies available to them in accordance with law. March 10, 2010 (AJAY KUMAR MITTAL) atulsethi JUDGE