C.W.P NO. 10147 OF 2007 -1- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.W.P NO. 10147 OF 2007 DECIDED ON : 20.04.2009 M/S Garg Impex Limited ...Petitioner versus Punjab Financial Corporation ...Respondent CORAM : HON'BLE MR. JUSTICE SURYA KANT Present : Mr. Vikram Chaudhri, Advocate and Mr. Sandeep Wadhawan, Advocate, for the petitioner. Mr. H. S. Lalli, Advocate, for the respondent. SURYA KANT, J. (ORAL) The petitioner seeks a direction to the Punjab Financial Corporation to waive off the interest on the delayed payments under the One Time Settlement Scheme and also for revival of the One Time Settlement (OTS). While issuing notice of motion, this Court took notice of the petitioner's stand that it was liable to pay a sum of Rs.55 lacs to the respondent-Corporation and is ready and willing to deposit the same. C.W.P NO. 10147 OF 2007 -2- It is not in dispute that in deference to its undertaking, the petitioner has deposited a sum of Rs.56 lacs with the respondent-Corporation. While the petitioner's prayer for revival of OTS Scheme of the year 2003 is still pending under consideration, learned counsel for the parties point out that a new OTS Scheme has also been launched by the respondent-Corporation on 02.03.2009. Learned counsel for the respondent-Corporation submits that if the petitioner applies under the 2009 OTS Scheme, the Corporation shall consider its case for settlement of accounts in terms of the said Scheme. Learned counsel for the petitioner says that the petitioner has no objection to apply under the new OTS Scheme provided that the amount of Rs.56 lacs deposited by it in terms of the undertaking given before this Court is adjusted against outstanding dues under the new OTS Scheme. Learned counsel for the respondent has no objection to the same. In view of the agreed stand of the parties, this petition is disposed of with liberty to the petitioner to approach the respondent-Corporation within two weeks under the new OTS Scheme of 2009 and on receipt of the petitioner's proposal, the respondent-Corporation is directed to consider its claim for settlement of the accounts under the new OTS within four weeks C.W.P NO. 10147 OF 2007 -3- thereafter. It is, however, clarified that the amount of Rs.56 lacs deposited by the petitioner shall be adjusted against the outstanding dues under the new OTS of 2009. Disposed of. Let a copy of this order be given dasti on payment of usual charges. APRIL 20, 2009 (SURYA KANT) shalini JUDGE