IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 13961 of 2007 DATE OF DECISION : 22.04.2008 M/s Dhanoya Poultry Farm, Village Jollian, District Sangrur and another .... PETITIONERS Versus Punjab Financial Corporation and another ..... RESPONDENTS CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTAL HON'BLE MR. JUSTICE RAKESH KUMAR GARG Present: Mr. D.S. Pheruman, Advocate, for the petitioners. Mr. G.S. Gill, Advocate, for the respondents. * * * SATISH KUMAR MITTAL , J. ( Oral ) The petitioners, who had borrowed certain amount from the respondent Corporation, have filed this petition under Articles 226/227 of the Constitution of India. During the course of arguments, the petitioners made an offer that they are ready and willing to clear all the outstanding dues within a period of six months. In response to the said offer, learned counsel for the CWP No. 13961 of 2007 -2- respondents submits that an amount of Rs. 24,56,163/- is outstanding against the petitioners as on 31.3.2008 and he accepts the offer made by the petitioners and states that if the aforesaid amount is paid by the petitioners within six months with interest at the rate of 12% per annum, then their secured assets shall not be sold and the loan account shall be deemed to be finally settled. In view of the above understanding arrived at between the parties, we dispose of this writ petition in the following terms : That the petitioners shall make payment of Rs. 24 lacs in four monthly instalments of Rs. 6 lacs each, payable on 10th of every month, the first instalment being payable on 10.5.2008. The remaining amount along with simple interest at the rate of 12% per annum on the aforesaid amount from 1.4.2008 will be paid by the petitioners to the respondent Corporation on or before 10.10.2008. In case, the petitioners do not make the payment in the aforesaid terms, it will be open for the respondent Corporation to proceed against the petitioners for recovering the entire outstanding amount as per the agreement in accordance with law. In case the petitioners have any grouse with regard to any variation in the calculation, they will approach the respondent Corporation after making payment of four instalments and before making payment of the remaining balance amount. Any such grouse, if made by the petitioners, will be considered by the respondent Corporation. It is also made clear that on payment of entire amount, as indicated above, the respondent Corporation shall hand over the CWP No. 13961 of 2007 -3- title deeds/documents to the petitioners. Dasti on payment of usual charges. ( SATISH KUMAR MITTAL ) JUDGE April 22, 2008 ( RAKESH KUMAR GARG ) ndj JUDGE