128-CWP-25958-2025 -1- IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH CWP-25958-2025 Date of decision: 23.09.2025 Jagroop Singh ….Petitioner. Versus Kotak Mahindra Bank Ltd and others ....Respondents. CORAM: HON’BLE MR. JUSTICE SHEEL NAGU, CHIEF JUSTICE HON’BLE MR. JUSTICE SANJIV BERRY, JUDGE Present:- Mr. Himanshu, Advocate, for Mr. Sunny K. Singla, Advocate for the petitioner. Ms. Prakriti Kashyap, Advocate for Mr. Vivek Sethi, Advocate, for the respondents. ..… SHEEL NAGU, CHIEF JUSTICE (Oral) The question raised in this petition by the petitioner/borrower is of One Time Settlement (OTS) by waiver of penal interest for which representations dated 03.09.2024 and 26.06.2025 (Annexures P-2 and P-3), respectively, have been moved. 2. Learned counsel for the petitioner, though, has alternative efficacious remedy under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, by approaching the Debt Recovery Tribunal but he contends that the petitioner/borrower is ready and willing to pay the entire amount standing due, as on today, in the loan account. PREETI 2025.09.24 11:59 I attest to the accuracy and integrity of this document 128-CWP-25958-2025 -2- 3. In view of statement made by learned counsel for the petitioner, this petition stands disposed of with an observation that in case the petitioner/borrower pays the entire outstanding due in the loan account by 27.09.2025, then the Bank shall not take any coercive steps against the petitioner. 4. In case the aforesaid outstanding dues is not paid by the aforesaid date, respondent/bank shall be free to liquidate the secured asset and recover the outstanding dues in the loan account. 5. With the aforesaid observations, this petition stands disposed of. (SHEEL NAGU) CHIEF JUSTICE (SANJIV BERRY) 23.09.2025 JUDGE preeti i) Whether speaking/reasoned? Yes/No ii) Whether reportable? Yes/No PREETI 2025.09.24 11:59 I attest to the accuracy and integrity of this document