M/S Vishal Oswal Hosiery v. Indusind Bank And Another

2023:PHHC:129040-DB

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH

CWP-10490-2023 (O&M) Date of Decision: 05.10.2023 M/S VISHAL OSWAL HOSIERY ...... Petitioner(s)

Versus

INDUSIND BANK AND ANOTHER ..... Respondent(s) CORAM:- HON'BLE MRS. JUSTICE LISA GILL HON'BLE MRS. JUSTICE RITU TAGORE

Present:

Mr. Bhavesh Aggarwal, Advocate for the petitioner. *** LISA GILL, J.

1.

Prayer in this writ petition is for quashing demand notice dated 30.10.2021 (Annexure P-1) under Section 13(2) of ₹ ₹ ₹

was passed by Executive Magistrate, Ludhiana on 17.02.2023 (Annexure P-3). A representation/One Time Settlement (OTS) proposal dated initiated by respondent-bank are totally in violation of provisions thereof. Moreover, decision should be taken on the proposal submitted by petitioner before proceeding further. 5.

This writ petition is accordingly dismissed with liberty to the petitioner to avail the remedy/remedies as available to it, in accordance with law. There is no expression of opinion on the merits of the controversy.

6.

(LISA GILL) JUDGE (RITU TAGORE) JUDGE 05.10.2023