IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P. 2535 of 2011 (O&M) Date of Decision: 16.11.2011 M/s. Girnar Implex Ltd. and another ........Petitioners vs. Indian Overseas Bank and others .......Respondent CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE G.S. SANDHAWALIA Present: Mr. Vishal Aggarwal, Advocate for the petitioners Mr. R.V. Mehra, Advocate for the respondents HEMANT GUPTA, J. The challenge in the present writ petition is to the proceedings initiated by the Bank under Secuiritization and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioners have undertaken to settle the entire liability of the Bank in one time settlement scheme during the pendency of the present petition. Such proposal from the petitioners was accepted by the Bank on 16.7.2011. In terms of one time settlement, a sum of Rs. 325 lacs was to be paid within three months by the petitioners. The communication dated 16.7.2011 shows that Rs. 10 lacs was paid on 09.02.2011, Rs. 15 lacs was paid on 08.06.2011 and Rs. 25 lacs was paid on 11.7.2011 and the balance amount of Rs. 275 lacs was to be paid within three months. C.W.P. 2535 of 2011 (O&M) 2 Learned counsel for the petitioners on 1.11.2011 sought some time to make the balance payment of the amount settled with the Bank though three months period has come to end. Today, learned counsel for the petitioners seeks another one month time to make the payment in terms of one time settlement though the period for payment as per the communication of Bank has came to an end. The petitioners have not deposited any amount after 16.7.2011 though the amount payable was Rs. 275 lacs. The petitioners have failed to deposit the amount as per settlement, we do not find any ground to grant further time to petitioners to make the payment in terms of one time settlement. Dismissed. (HEMANT GUPTA) JUDGE (G.S. SANDHAWALIA) 16.11.2011 JUDGE reena