CWP No.14876 of 2025 (O&M) 118 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP No.14876 of 2025 (O&M) Date of Decision: 23.05.2025 RAJINDER KUMAR .....Petitioner Versus CENTRAL BANK OF INDIA AND OTHERS ........Respondents CORAM : HON'BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON'BLE MR. JUSTICE DEEPAK MANCHANDA Present: Ms. Amarjit Kaur Khurana, Advocate, for the petitioner. Mr. Gaurav Goel, Advocate for the respondent-Bank. * * * * * ANUPINDER SINGH GREWAL, J. (Oral) The petitioner has sought quashing of the proceedings initiated by the respondent-Bank under the provisions of SARFAESI Act by issuing notice dated 01.10.2024 (Annexure P-3) and notice dated 31.12.2024 (Annexure P-5). 2. Learned counsel for the petitioner submits that the petitioner is willing to pay the entire amount but would require some time in that regard. 3. Learned counsel for the respondent-Bank submits that the outstanding amount as on 01.10.2024 was Rs.34,60,000/- (approximately), which would have increased by now. The respondent-Bank would provide the details and calculations in regards the outstanding amount by 27.05.2025. The petitioner should pay 50% of the outstanding amount within a period of one month from now and the balance amount should be 1 SANDEEP KUMAR 2025.05.23 14:58 I attest to the accuracy and integrity of this order/judgment. CWP No.14876 of 2025 (O&M) paid within a period of four months thereafter. 4. Learned counsel for the petitioner submits that the petitioner undertakes to pay 50% of the outstanding amount within a period of one month from now and would pay the balance amount within a period of four months thereafter. 5. In view of the above, we deem it appropriate to dispose of this petition with a direction that in the event of the petitioner paying 50% of the outstanding amount on or before 30.06.2025 and the balance amount within a period of four months thereafter i.e. on or before 31.10.2025, his loan account would be settled. If, however, the petitioner does not make payment of 50% of the outstanding amount within a period of one month, he would hand over the vacant possession of the premises on 01.07.2025. However, it is clarified that in the event of the petitioner defaulting in making payment as per the afore-noted schedule, the respondent-Bank would be at liberty to initiate action under the SARFAESI Act. 6. It is clarified that we are not expressing any opinion on the merits of the matter. This order shall have no bearing on adjudication by the competent Court/Tribunal. (ANUPINDER SINGH GREWAL) JUDGE (DEEPAK MANCHANDA) 23.05.2025 JUDGE sandeep Whether Speaking/Reasoned : Yes/No Whether Reportable : Yes/No 2 SANDEEP KUMAR 2025.05.23 14:58 I attest to the accuracy and integrity of this order/judgment.