IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. C.W.P. No. 6253 of 2007 DATE OF DECISION : 04.02.2008 N.K. Gupta .... PETITIONER Versus Union Bank of India and another ..... RESPONDENTS CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTAL HON'BLE MR. JUSTICE RAKESH KUMAR GARG Present: Mr. Gaurav Kathuria, Advocate, for the petitioner. Mr. Sanjeev Ghai, Advocate, for the respondent. * * * SATISH KUMAR MITTAL , J. (Oral) Counsel for the petitioner states that in terms of the interim order dated April 28, 2007, the petitioner has already deposited an amount of Rs. 2 lacs towards the outstanding amount. He further states that the remaining outstanding amount will be paid by the petitioner within a period of three months. Counsel has also submitted that an appeal filed by the petitioner against the action taken by the respondent bank under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (hereinafter referred to as `the Act') is pending before the Debts Recovery Tribunal-I, Chandigarh. CWP No. 6253 of 2007 -2- In view of the above, we dispose of this writ petition with a direction to the respondents that they will not sell the property of the petitioner for a period of three months from today and in the meanwhile, it will be open for the petitioner either to clear all the outstanding dues or to press the stay application before the Debts Recovery Tribunal – I, Chandigarh, whereby his appeal is pending. In case, the petitioner fails to pay the entire outstanding amount to the respondent within a period of three months, it will be open for the respondent bank to further take recourse under the Act. ( SATISH KUMAR MITTAL ) JUDGE February 04, 2008 ( RAKESH KUMAR GARG ) ndj JUDGE