CWP No. 5379 of 2011 (O&M) 1 IN THE HIGH COURT OF PUNJAB & HARYANA, CHANDIGARH CWP No. 5379 of 2011(O&M) Date of decision August 10, 2011 Arpinder Singh Pannu and another ....... Petitioners Versus The State Bank of Patiala and another ........Respondents CORAM: HON'BLE MR. JUSTICE K. KANNAN Present:- Mr. Rahul Sharma, Advocate for the petitioners. Mr.Vikas Chatrath , Advocate for the respondent-Bank. **** 1. Whether reporters of local papers may be allowed to see the judgment ? No 2. To be referred to the reporters or not? No 3. Whether the judgment should be reported in the digest?No K. Kannan, J (oral). CM No. 4595 of 2011 C.M., is allowed. Affidavits taken on record. CWP No. 5379 of 2011 1. Reply on behalf of respondent-Bank has been filed in Court. The same is taken on record. 2. It is stated on behalf of the petitioner that the property in flat No.810, HIG., Phase II, Mohali could be sold to a private buyer that he has identified and the entire amount due to the Bank will be settled. The petitioner is at liberty to make the proposal to the Bank and CWP No. 5379 of 2011 (O&M) 2 secure the amount due to the Bank through the willing purchaser of the aforesaid property. If such a proposal is given, the Bank will realize the sum through such a purchaser and it should be allowed to be sold to the purchaser. The parties will also be at liberty to enter into a suitable document in writing involving the purchaser's undertaking to pay the amount to satisfy the Bank in discharge of the loan given to the petitioner. 3. With these observations the writ petition is treated as disposed of. The entire exercise shall take place within a period of eight weeks from the date of receipt of copy of the order. In earnest of the petitioner's undertaking, the petitioner will make available to the Bank an amount of `10,00,000/- within a period of four weeks. In the event of failure of the transaction for no fault of the Bank, within the outer limit of eight weeks, the bank will be at liberty to proceed for recovery in independent proceedings. Needless to state that if the amount is fully satisfied, the respondent-Bank shall immediately release the title deeds and hand over the same to the petitioner or to his nominee. (K. KANNAN) JUDGE August 10, 2011 archana