CWP-23644-2012 1 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
Date of Decision : 18.07.2013
Budh Ram Puri
Bank of Baroda
CORAM: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL, CHIEF JUSTICE HON'BLE MR. JUSTICE AUGUSTINE GEORGE MASIH Present: Mr. Vinay Puri, Advocate, for the petitioner.
Mr. G.S. Anand, Advocate,
for the respondent.
SANJAY KISHAN KAUL, C.J. (ORAL)
Learned counsel for the petitioner states that the petitioner does not dispute the liability, but only seeks the moratorium to pay the amount, which is not objected to by learned counsel for the respondent/bank.
It is, thus, agreed that the outstanding loan amount will be cleared by the petitioner as under:- (i) The petitioner will pay monthly installments of ` 30,000/- on or before 7th of each month, the first installment being payable on or before 07.08.2013 and the last of such installments to clear the dues would include whatever be the balance amount. For this purpose, the respondent/bank will communicate to the petitioner the amount due inclusive of interest and other expenses as admissible as on 31.07.2013 within two weeks from today keeping in mind the CWP-23644-2012 2 judgement of a Division Bench of this Court in Mohinder Pal Singh and another Vs State Bank of India and another 2011(4) PLR
(ii) In case of default in payment of installments, the complete amount would become due and the respondent/bank would be free to proceed in pursuance of the notice dated 20.11.2012 issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (iii) On the amount being so paid as aforesaid, the title documents shall be released to the petitioner within 15 days of the complete payment being made.
The petition accordingly stands disposed of. (SANJAY KISHAN KAUL)
(AUGUSTINE GEORGE MASIH)