CWP No.5451 of 2010.doc - 1 – HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.5451 of 2010 Date of Decision: 21.09.2010 **** Darshan Sawroop . . . . Petitioner VS. Central Bank of India & Anr. . . . . . Respondents **** CORAM : HON’BLE MR.JUSTICE SURYA KANT **** 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? **** Present: Mr. Sanjiv Gupta, Advocate for the petitioner Mr. CS Pasricha, Advocate for the respondents ***** SURYA KANT J. (ORAL) (1). The petitioner impugns the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is not disputed that the petitioner has paid a sum of `3 lacs in compliance to the order dated March 29, 2010. (2). Learned counsel for the respondent-Bank, however, points out that a sum of `12,78,980/- as on March, 2009 still remains to be recovered from the petitioner. (3). Learned counsel for the petitioner submits that should he be granted some reasonable period, the petitioner is ready and willing to liquidate his CWP No.5451 of 2010.doc - 2 – entire loan liability. Learned counsel for the respondent-Bank has no objection to this offer. (4). Taking into consideration the totality of the circumstances, it is directed that the petitioner shall pay the balance loan amount within a period of eight months along with due interest at the agreed rate failing which the respondent-Bank shall be entitled to proceed further in accordance with the provisions of the SARFAESI Act, 2002. (5). It is clarified that the petitioner’s son and wife shall also abide by the afore-stated undertaking. (6). The entire arrears of loan shall be paid by the petitioner in bi-monthly instalments and the first instalment of 25% shall be paid within a period of two months. (7). Ordered accordingly. (8). Dasti . (SURYA KANT) JUDGE 21.09.2010 vishal shonkar