M/S Ganpati Wool Traders & Another v. Deputy Commissioner District Magistrate & Others

CWP-10738-2018 -1IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP-10738-2018 Date of Decision: May 01, 2018 M/s Ganpati Wool Traders through its Proprietor Sonu Saluja and another .....Petitioners

Versus

Deputy Commissioner/District Magistrate, Ludhiana and others ......Respondents CORAM: HON'BLE MR.JUSTICE SURYA KANT HON'BLE MR. JUSTICE SHEKHER DHAWAN 1.

To be referred to the Reporters or not?

Yes/No 2.

Whether the judgment should be reported in the Digest? Yes/No.

3.

Whether Reporters of local papers may be allowed to see the judgment? Yes/No .......

Present:

Mr.Yogesh Goel, Advocate for the petitioners. ........

SURYA KANT, J.

The petitioners entered into 'One Time Settlement' with the respondent-Bank on 22.09.2017 and as per the agreed terms and conditions, the balance amount of `57.00 lacs was to be deposited in installments of `4.00 lacs on the date of communication of compromise and `10.00 lacs, `10.00 lacs, `18.00 lacs and `15.00 lacs in four quarterly installments. The petitioners did deposit `4.00 lacs, but failed to pay the due amount of three quarterly installments of `10.00 lacs, `10.00 lacs and `18.00 lacs. They are said to have deposited a sum of `7.00 lacs yesterday only. The Bank has now decided to take possession of the secured assets. [2] In view of the persistent default made by the petitioners, we are not inclined to interfere in the matter. The petitioners, if so advised, may approach the Bank with a request to reschedule the payments and if such a Meenu 2018.05.04 16:22 I attest to the accuracy and authenticity of this document chandigarh

CWP-10738-2018 -2request is found bona fide, let the Bank consider the same sympathetically. [3] Disposed of.

( SURYA KANT ) JUDGE May 01, 2018 ( SHEKHER DHAWAN ) meenuss JUDGE 1.

Whether speaking/reasoned ?

Yes/No 2.

Whether reportable ?

Yes/No Meenu 2018.05.04 16:22 I attest to the accuracy and authenticity of this document chandigarh