WPMS/875/2021
2021 Latest Caselaw 1465 UK

 IN THE HIGH COURT OF UTTARAKHAND
              AT NAINITAL
                ON THE 9TH DAY OF April, 2021

                                BEFORE:

     HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI


              Writ Petition (M/S) No.875 of 2021

BETWEEN:
  M/s Dev Home Finishing Company & another
                                   .....Petitioners
     (Mr. Akshay Latwal, advocate for the petitioners)




AND:

     Punjab National Bank & others                   .....Respondents
     (Mr. Siddhartha Jain, Advocate for the Bank/respondent nos.1 and 2
     Mr. H.M. Raturi, Deputy Advocate General for the State/respondent
     no.3)


                              JUDGMENT

Heard learned counsel for the parties.

2. Petitioners took a loan from Punjab National Bank, Branch Kankhal, District Haridwar. Since petitioners could not repay the loan on time, therefore, proceedings have been initiated against her as per the provisions contained in SARFAESI Act. Thus, feeling aggrieved, petitioners have approached this Court.

3. Shri Akshay Latwal, learned counsel for the petitioners submits that petitioner has submitted an application for one time settlement of the outstanding loan. Shri Siddhartha Jain, learned

counsel appearing for the Bank, however, submits that the petitioner has not submitted any proposal for one time settlement and in the absence of such proposal, it is not possible for the Bank to take any decision. To this, petitioner's counsel submits that the petitioner will positively submit one time settlement proposal within 10 days. Shri Siddhartha Jain, learned counsel assures the Court that if petitioner submits such proposal within 10 days, the Competent Authority shall examine the same and pass appropriate order in accordance with law within 10 days thereafter.

4. In view of the submissions so made, writ petition is disposed of with liberty to the petitioner to submit a proposal for one time settlement to the Competent Authority in the Bank within 10 days. If such proposal is made by the petitioner within the stipulated time, decision thereupon will be taken within 10 days thereafter. For a period of three weeks or till decision is taken by the Competent Authority, whichever is earlier, no coercive action shall be taken.

(MANOJ KUMAR TIWARI, J.) Rajni