IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 4800 of 2009. Date of Decision: 31st March, 2009. M/s Bhasin Brothers & Anr. Petitioners through Mr. Rohit Suri, Advocate Versus Punjab National Bank ...Respondent through Mr. R.S.Bhatia, Advocate. CORAM: HON'BLE MR. JUSTICE SURYA KANT. 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? SURYA KANT, J. [ORAL) The petitioners seek quashing of the demand notice dated 6.8.2008 [Annexure P-3] as well as the proceedings initiated vide notice dated 26.11.2008 [Annexure P-4] under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [in short the Act]. Notice of motion was issued and in response thereto, learned counsel for the respondent Bank has put in appearance and has filed reply which is taken on record. It is not in dispute that the petitioners are liable to pay approximately One Crore rupees to the respondent Bank. Learned counsel for the petitioners, on instructions, submits that some reasonable period may be granted to the petitioners, who undertake to pay the entire loan amount on or before 30.11.2009. Learned counsel for the respondent Bank does not have serious objection against the grant of the aforementioned period to the petitioners, subject to certain conditions which are being taken care of while disposing of this writ petition with the following directions:- [i] the petitioners are directed to deposit a sum of Rs.10 lacs with the respondent Bank on or before 31.5.2009. If the petitioners fail to pay the said amount within the stipulated time, the respondent Bank shall be at liberty to move an appropriate application in this Court; [ii] the petitioners shall make ernest efforts to pay the entire balance amount before 31st August, 2009; [iii] in case the petitioners are unable to arrange sufficient funds and want to dispose of the 'secured assets', they may apply and shall be granted permission by the respondent Bank to sell the said 'secured assets' by way of a Tripartite Agreement to which the Bank shall be a party and the entire earnest money and sale consideration, to the extent of loan liability, shall be directly paid to the respondent Bank. It is made clear that the total sale consideration shall not be less than the balance loan amount; [iv] in case the petitioners fail to discharge their loan liability before 30.11.2009, the respondent Bank shall be at liberty to proceed with under Section 13 of the Act from the present stage. Disposed of. Dasti. March 31, 2009. ( SURYA KANT ) dinesh JUDGE