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The Interest Act, 1978

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Punjab-Haryana High Court
Budh Ram Puri vs Bank Of Baroda on 18 July, 2013
CWP-23644-2012                                                         1


      IN THE HIGH COURT OF PUNJAB AND HARYANA AT
                      CHANDIGARH

                                       CWP-23644-2012
                                       Date of Decision : 18.07.2013

             Budh Ram Puri
                                                             ...Petitioner
                                Versus

             Bank of Baroda
                                                           ...Respondent

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

605.

(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) CHIEF JUSTICE (AUGUSTINE GEORGE MASIH) JUDGE 18.07.2013 Amodh