IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH CWP No.3647 of 2009 Date of decision: March 6, 2009. M/s Azad Kumar Ashok Kumar ...Petitioner(s) v. State Bank of India ...Respondent(s) CORAM:HON'BLE MR. JUSTICE SURYA KANT 1. Whether Reporters of local papers may be allowed to see the judgment ? 2. Whether to be referred to the Reporters or not ? 3. Whether the judgment should be reported in the Digest? Present: Shri K.S. Rekhi, Advocate, for the petitioner(s). ORDER Surya Kant, J. - (Oral): Notice of motion. Shri Rohit Suri, learned counsel, accepts notice on behalf of the respondent-Bank. In view of the nature of order which I propose to pass, there is no necessity to seek any counter affidavit from the respondent. The petitioner seeks a mandamus to direct the respondent-Bank to permit it to sell the residential house bearing No.40, Model town, Fatehabad within some reasonable period so as to pay the entire loan amount. In order to show his bona fide, Learned Counsel for the Petitioner undertakes that the petitioner shall deposit a sum of Rs.1 lac within one week from today. It appears that the petitioner having defaulted in repayment of the loan, proceedings under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have also been initiated and a notice under section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has also been issued. Apprehending its physical dispossession from the secured asset, that the petitioner has approached this Court. Having heard Learned Counsel for the parties and keeping in view the stand taken on behalf of the petitioner, this writ petition is disposed of with a direction that, subject to the petitioner depositing a sum of Rs.1 lacs with the respondent-Bank within one week from today, the petitioner shall not be dispossessed from the residential house No.40, Model Town Fatehabad till 31st July, 2009. During this period, the petitioner shall be entitled to transact with the prospective buyers to dispose of the house by way of a tripartite agreement, to which the respondent-Bank shall also be a party. The earnest money as well as the sale consideration shall be directly diverted by the petitioner to the respondent-Bank to the extent of loan amount. In case the petitioner fails to sell the house within the above stated stipulated period, the respondent-Bank shall be entitled to proceed against the petitioner under sectin 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. March 06, 2009. [ Surya Kant ] kadyan Judge