M/S Naib Singh Rice Mills v. Punjab & Sind Bank

CWP-16123-2016 -1IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP-16123-2016 Date of decision: 04.10.2016 M/s Naib Singh Rice Mills ..... Petitioner

Versus

Punjab and Sind Bank ..... Respondent

CORAM:

HON'BLE MR. JUSTICE AJAY KUMAR MITTAL HON'BLE MR. JUSTICE RAMENDRA JAIN PRESENT: Mr. Aalok Jagga, Advocate for the petitioner. AJAY KUMAR MITTAL, J. (ORAL) 1.

The petitioner has approached this Court under Articles 226/227 of the Constitution of India, seeking quashing of impugned notices dated 10.02.2016 and 18.05.2016 (Annexures P-1 and P-3 respectively) issued by the respondent-Bank under Sections 13(2) and 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, as the petitioner is ready and willing to redeem the property by making payment equivalent to the value of the mortgaged property as assessed by the approved panel of valuer of the bank vide reports dated 05.10.2015 and 14.07.2016 (Annexures P-4 and P-5, respectively).

2.

Learned counsel for the petitioner submits that he has instructions to withdraw the present writ petition. However, liberty be Rishu Kataria 2016.10.06 14:11 I attest to the accuracy and authenticity of this document

CWP-16123-2016 -2granted to the petitioner to take recourse to the alternative remedy, as may be available to it, in accordance with law.

4.

Dismissed as withdrawn. It shall, however, be open to the petitioner to take recourse to the remedies, as may be available to it, in accordance with law.

( AJAY KUMAR MITTAL ) JUDGE October 04, 2016 ( RAMENDRA JAIN ) rishu JUDGE Whether speaking/reasoned Yes/No Whether Reportable Yes/No Rishu Kataria 2016.10.06 14:11 I attest to the accuracy and authenticity of this document