IN THE HIGH COURT OF PUNJAB 111 MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH ATUL JAIN AXIS BANK LTD AND OTHERS CORAM: HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE DEEPAK MANCHANDA Present: Mr. Sandeep Jain, Advocate Mr. Sachin Jain, Advocate and Mr. Davinder Kumar, Advocate Mr. Anant Kataria, DAG, Haryana. ANUPINDER SINGH GREWAL, J. (ORAL) Learned counsel for the taken a business loan instalments. The outstanding Three properties owned by the petitioner have respondent/Bank. The market value of one of the propert Rs.25 crores which petitioner. The other two also submits that the petitioner ha respondent/Bank may permit him to sell the same confining the prayer in this petition to respondent/Bank to sell the property and pay the outstanding dues to the respondent/Bank 2. Issue notice to the respondents. IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CWP-19408-2025 DATE OF DECISION: 15.07.2025 MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH Versus AXIS BANK LTD AND OTHERS HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE DEEPAK MANCHANDA Mr. Sandeep Jain, Advocate, Mr. Sachin Jain, Advocate and Mr. Davinder Kumar, Advocate for the petitioner. Mr. Anant Kataria, DAG, Haryana. SINGH GREWAL, J. (ORAL) Learned counsel for the petitioner taken a business loan but later due to financial difficulty they could not pay the instalments. The outstanding loan amount as on date is Rs.19 crores (approx.) Three properties owned by the petitioner have /Bank. The market value of one of the propert Rs.25 crores which would be sufficient to discharge . The other two properties are not required to be sold at this stage. He also submits that the petitioner has the buyer for respondent/Bank may permit him to sell the same confining the prayer in this petition to the respondent/Bank to sell the property and pay the outstanding dues to the /Bank. Issue notice to the respondents. AND HARYANA AT CHANDIGARH 2025 DATE OF DECISION: 15.07.2025 MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH … Petitioner (s) ... Respondent(s) HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE DEEPAK MANCHANDA for the petitioner. submits that the petitioner had ut later due to financial difficulty they could not pay the amount as on date is Rs.19 crores (approx.). Three properties owned by the petitioner have been pledged by the /Bank. The market value of one of the properties is in the vicinity of to discharge the entire liability of the properties are not required to be sold at this stage. He the buyer for that property and the respondent/Bank may permit him to sell the same and pay back its dues. He is the grant of permission from respondent/Bank to sell the property and pay the outstanding dues to the MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH submits that the petitioner had ut later due to financial difficulty they could not pay the . been pledged by the is in the vicinity of liability of the properties are not required to be sold at this stage. He property and the its dues. He is permission from respondent/Bank to sell the property and pay the outstanding dues to the SWARNJIT SINGH 2025.07.15 17:34 I attest to the accuracy and integrity of this document CWP-19408-2025 3. At the asking of the Court, Mr. D.K. Singal, Advocate accepts notice on behalf of the respondent/Bank and he, upon instructions from Authorized Officer of the Bank, submits that the petitioner ha any genuine buyer and in the event of his doing so, the Bank would consider his offer and take a decision in accordance with law. 4. Heard. 5. In view of the aforenoted facts and circumstances, this petition is disposed of with a dir Bank for redressal of his grievance, the respondent/Bank would consider and decide the same. 6. It is clarified that this order shall not come in the way of the respondent/Bank invoking the proce recovering the dues. 15.07.2025 SwarnjitS Whether speaking/reasoned Whether reportable 2025 At the asking of the Court, Mr. D.K. Singal, Advocate accepts behalf of the respondent/Bank and he, upon instructions from Authorized Officer of the Bank, submits that the petitioner ha any genuine buyer and in the event of his doing so, the Bank would consider his offer and take a decision in accordance with law. Heard. In view of the aforenoted facts and circumstances, this petition is disposed of with a direction that in the event of the petitioner Bank for redressal of his grievance, the respondent/Bank would consider and decide the same. It is clarified that this order shall not come in the way of the respondent/Bank invoking the proceedings under the SARFAESI Act for recovering the dues. (ANUPINDER SINGH GREWAL) (DEEPAK MANCHANDA) Whether speaking/reasoned : Yes / No Whether reportable : Yes / No -2- At the asking of the Court, Mr. D.K. Singal, Advocate accepts behalf of the respondent/Bank and he, upon instructions from Authorized Officer of the Bank, submits that the petitioner has not brought forth any genuine buyer and in the event of his doing so, the Bank would consider his offer and take a decision in accordance with law. In view of the aforenoted facts and circumstances, this petition is in the event of the petitioner approaching the Bank for redressal of his grievance, the respondent/Bank would consider and It is clarified that this order shall not come in the way of the edings under the SARFAESI Act for (ANUPINDER SINGH GREWAL) JUDGE (DEEPAK MANCHANDA) JUDGE Yes / No Yes / No At the asking of the Court, Mr. D.K. Singal, Advocate accepts behalf of the respondent/Bank and he, upon instructions from not brought forth any genuine buyer and in the event of his doing so, the Bank would consider his In view of the aforenoted facts and circumstances, this petition is approaching the Bank for redressal of his grievance, the respondent/Bank would consider and It is clarified that this order shall not come in the way of the edings under the SARFAESI Act for SWARNJIT SINGH 2025.07.15 17:34 I attest to the accuracy and integrity of this document