Kusam Kumari Sharma v. Punjab National Bank And Anothers

CWP-24271-2017 -1HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP-24271-2017 Date of Decision: February 08, 2018 Kusam Kumari Sharma .....Petitioner

Versus

Punjab National Bank 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.Satpreet Grewal, Advocate for the petitioner. Mr.D.S.Bainola, Advocate for the respondent.

........

SURYA KANT, J.

The total recoverable amount against the petitioner, according to counsel for the respondent -Bank, is `77,36,952/- as on 05.02.2018. As the petitioner's account was declared 'NPA', measures under Section 13 read with Section 14 of the the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, 'the SARFAESI Act') have also been taken. At this juncture, the petitioner has approached this Court with an undertaking that the entire loan amount shall be paid within six months. On a query by us as to how the petitioner would generate funds, it is stated that she will sell the mortgaged property with the consent of the respondent-Bank.

Meenu 2018.02.14 14:42 I attest to the accuracy and authenticity of this document chandigarh [2] The writ petition is, accordingly, disposed of with liberty to the

CWP-24271-2017 -2petitioner to produce a willing buyer before the respondent-Bank, who shall agree to pay the sale consideration more than the dues of the loan amount, in a time bound manner, directly to the Bank and for which there will have to be a tripartite agreement between the parties. The prospective buyer shall be produced before the Bank within one month and such buyer shall be required to pay the entire loan amount on or before 30.04.2018. In case the petitioner fails to produce such buyer, the respondent-Bank shall be at liberty to proceed against the petitioner in accordance with law. ( SURYA KANT ) JUDGE February 08, 2018 ( SHEKHER DHAWAN ) meenuss JUDGE 1.

Whether speaking/reasoned ?

Yes/No 2.

Whether reportable ?

Yes/No Meenu 2018.02.14 14:42 I attest to the accuracy and authenticity of this document chandigarh