Sukhdarshan Singh Purba vs Punjab And Sind Bank And Anr
2023 Latest Caselaw 15026 P&H

CWP-22577-2022 (O&M) 2023:PHHC:116073-DB 1

IN THE HIGH COURT OF PUNJAB AND HARYANA
AT CHANDIGARH

(214) CWP-22577-2022 (O&M)
Date of Decision: 04.09.2023

Sukhdarshan Singh Purba ... Petitioner
Versus

Punjab and Sind Bank and another ...Respondents

CORAM: HON'BLE MRS. JUSTICE LISA GILL HON'BLE MRS. JUSTICE RITU TAGORE

Present: Mr. Puru Gupta, Advocate and Mr. Rahul Vohra, Advocate for the petitioner.

Mr. Gaurav Goel, Advocate and Mr. Ashuthosh Dhankar, Advocate for the respondent-Bank.

Mr. Sandeep Jain, Addl. AG, Punjab.

ok 36 ok LISA GILL, J (ORAL)

1. Prayer in this writ petition is for setting aside e-auction notice

published in newspaper on 13.09.2022 (Annexure P-1) for sale of secured asset/immovable property of the petitioner/borrower. There is further prayer for directing respondents No.1 and 2 not to take physical possession of secured asset/immovable property of the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and to accept the proposal dated 19.07.2022 (Annexure P-2) submitted by the petitioner for One Time Settlement.

2. Learned counsel for the parties informs that the matter has been settled between petitioner and the respondent-Bank. It is agreed that a sum of

Rs.6,75,000/- will be accepted by respondent-Bank as One Time Settlement

MANPREET SINGH 2023.09.05 12:08

I attest to the accuracy and authenticity of this order/judgment

CWP-22577-2022 (O&M) 2023:PHHC:116073-DB 2

with the petitioner depositing 25% of above said amount within next 10 days and rest of the amount shall be deposited within 60 days from today itself.

3. Learned counsel for the petitioner submits that above said terms and conditions are accepted by the petitioner, who undertakes to abide by the same and make the deposit as above within the stipulated period and in case there is any default on the part of the petitioner, respondent-Bank would be at liberty to revive proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "SARFAESI Act")

4. In view of factual aspect as above, this writ petition is rendered infructuous and is disposed of accordingly. Needless to say in case of default on the part of the petitioner, respondent-Bank is at liberty to revive proceedings under the SARFAESI Act, as on today and petitioner would be at liberty to challenge the same in terms of statutory remedy/remedies available

to him in accordance with law.

5. Pending miscellaneous applications, if any, stand disposed of accordingly.

(LISA GILL) JUDGE (RITU TAGORE)

JUDGE September 04, 2023 Manpreet

Whether speaking/reasoned Yes/No

Whether reportable : Yes/No

MANPREET SINGH 2023.09.05 12:08

I attest to the accuracy and authenticity of this order/judgment