Civil Writ Petition No.12272 of 2009 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No.12272 of 2009 Date of decision:08.10.2009. Swaran Singh ...Petitioner Versus ICICI Bank Ltd. and others ...Respondents CORAM: HON'BLE MR. JUSTICE JASBIR SINGH Present: Ms. Rajwinder Kaur, Advocate, for the petitioner. Mr. Sandeep Suri, Advocate, for the respondents. ***** JASBIR SINGH, J. (ORAL). This writ petition has been filed to challenge action, initiated against the petitioner, by the respondent – bank, under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for realization of the loan amount disbursed to the petitioner. Counsel for the parties heard. Admittedly, the petitioner is a defaulter. After raising the loan, as per agreement between the parties, he has failed to repay the same. On 13.08.2009, following order was passed by this Court: - “Counsel for the petitioner states that default, in payment of due amount, to the respondent-bank was committed on account of unavoidable financial difficulties of the family. Counsel further submits that to save his Civil Writ Petition No.12272 of 2009 -2- property, the petitioner is ready to deposit an amount of Rs.70,000/- with the bank within 15 days from today and remaining amount shall be paid in installments, as may be fixed by the Bank. Notice of motion for 8.9.2009. Mr. Sandeep Suri, Advocate accepts notice on behalf of the respondents. Till further orders, coercive action be not initiated against the petitioner. It is made clear that if the petitioner fails to deposit the amount with the bank as undertaken, on the next date of hearing, this writ petition shall be dismissed.” Counsel for the petitioner states that in response to the order mentioned above, the petitioner had deposited an amount of Rs.70,000/- with the respondent-bank. It has further been stated that the petitioner shall pay rest of the loan amount, in installments, and in case the petitioner fails to make payment of two consecutive installments, the bank will be at liberty to start the process, from the stage where it was, when order was passed by this Court on 13.08.2009. To the prayer made, possibly, Shri Suri cannot raise any objection. By depositing an amount of Rs.70,000/-, the petitioner has shown his intention to repay the loan amount, raised by him, from the respondent -bank. May be due to financial constraints, he has committed a default. Amount involved is not very heavy. In view of above, this writ petition is disposed of by giving liberty to the petitioner to repay rest of the loan amount in installments @ Rs.5,000/- per month. The amount of installment be paid on or Civil Writ Petition No.12272 of 2009 -3- before 10th day of every month. The petitioner shall pay the next installment within a week from today and, thereafter, as per order mentioned above. It is made clear, that if the petitioner fails to make payment of two consecutive installments, the bank will be at liberty to initiate the process from the stage where it was when order was passed by this Court on 13.08.2009. This writ petition stands disposed of. October 08, 2009 (JASBIR SINGH) vinod* JUDGE