Sanjiv Kumar And Another v. Punjab National Bank And Another

CWP No.18617 of 2019 MAMTA 2019.07.29 00:48 I attest to the accuracy and integrity of this document 119 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP NO. 18617 OF 2019 Date of Decision: 25.07.2019 Sanjiv Kumar and another ..........Petitioners

Versus

Punjab National Bank and another .........Respondents

CORAM

HON'BLE MR. JUSTICE RAKESH KUMAR JAIN HON'BLE MR. JUSTICE AVNEESH JHINGAN

Present:

Mr.Aayush Gupta, Advocate for the petitioners. Mr. Arvind Rajotia, Advocate for respondents. *** RAKESH KUMAR JAIN, J (ORAL) Reply on behalf of respondent no.1, filed in Court today, is taken on record and copy is supplied to the counsel for the petitioners. Counsel for respondent no.1 has submitted that the amount due as on today is approximately
23,00,000/-. The parties have decided that the Sorting Machine (hypothecated machine) allegedly of the value of
15,00,000/- shall be put to auction by keeping the reserve price at
15,00,000/-. The sale proceeds of the said machines shall be deposited with the bank and the remaining amount shall be paid by the petitioners. It is needless to mention that the petitioners would give a bid of minimum
15,00,000/- because the reserve price shall be fixed at that price. The entire exercise shall be done by both the parties within a period of six weeks from the date of receipt of certified copy of this order.

CWP No.18617 of 2019 Till then the order of stay granted by this Court on 15.07.2019 MAMTA 2019.07.29 00:48 I attest to the accuracy and integrity of this document shall continue.

With these observations, the present petition is disposed of. (RAKESH KUMAR JAIN) JUDGE (AVNEESH JHINGAN) 25.07.2019 JUDGE mamta Whether speaking / reasoned Yes/No Whether reportable Yes/No