CWP No.5123 of 2009 -: 1 :- IN THE HIGH COURT FOR THE STATES OF PUNJAB AND HARYANA AT CHANDIGARH CWP No.5123 of 2009 Date of decision: March 31, 2009. M/s Maha Laxmi Rice & General Mills & Anr. ...Petitioner(s) v. Union Bank of India & Ors. ...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 Anand Chhibbar, Advocate for the petitioner. Shri Aalok Jagga, Advocate for caveator-respondents No.1 & 2. ORDER Surya Kant, J. - (Oral): The petitioners seek quashing of the order dated 4.3.2009 (Annexure P-13) passed by the Debts Recovery Tribunal-II, Chandigarh and the proclamation of sale dated 4.3.2009 (Annexure P-14) whereby the mortgaged properties are sought to be put to auction on 9.4.2009. It is not in dispute that the petitioners are liable to pay about Rs.1.50 crores to the respondent-Bank towards their loan liability. The only prayer made by the petitioners is to grant them some reasonable time to clear the dues. Learned Counsel for the Respondent-Bank, who has entered CWP No.5123 of 2009 -: 2 :- caveat submits that the petitioners have been adopting similar delaying tactics before the Recovery Officer also and not a single penny has been paid by them since the year 2000. Having heard Learned Counsel for the parties and taking into consideration the totality of the circumstances, including the fact that the petitioners have made no attempt to discharge their loan liability in the last over eight years, however, in order to give them one and the last opportunity to save their properties, I dispose of this writ petition with the following directions:- i. The petitioners shall deposit a sum of Rs.10 lacs with the respondent-Bank before 9.4.2009, followed by payment of Rs.15 lacs before 30.4.2009. The petitioners shall thereafter pay another sum of Rs.25 lacs before 30.6.2009, followed by the next installment of Rs.25 lacs before 31.8.2009. The petitioners shall then pay another sum of Rs.25 lacs before 31.10.2009, and again Rs.25 lacs before 31.12.2009. The entire balance amount, including interest for the interregnum, shall be deposited by the petitioners before 31.3.2010. ii. If the petitioners fail to adhere to the above given schedule, the respondent-Bank shall be at liberty to put the mortgaged properties to auction. In other words, the above given schedule shall be followed only if the petitioners abide by the same. iii. The petitioners shall not be entitled to any pretext like re-settlement of their accounts on the basis of OTS etc. CWP No.5123 of 2009 -: 3 :- unless the due amount is deposited by them as per the scheduled. The payments, if made by the petitioners, shall be taken without prejudice to the legal rights of the parties. iv. The mortgaged properties/secured assets shall not be alienated by the petitioners except with the consent of the respondent-Bank by entering into a tripartite agreement in terms whereof the entire earnest money and the sale consideration to the extent of loan amount shall be paid directly to the respondent-Bank. v. After the petitioners deposit a sum of Rs.1 crores, they shall be entitled to move an application before the respondent-Bank to hand over possession of the mortgaged properties to them and considering their bona-fide and intentment to pay the balance amount within the scheduled period, the bank may sympathetically consider the request for handing over of the possession, however, the symbolic possession shall continue with the Bank. Dasti. March 31, 2009. [ Surya Kant ] kadyan Judge