CWP-27236-2026 (O&M) -1- 125 IN THE HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH *** CWP-27236-2026 (O&M) Date of Decision: 26.08.2026 Sanjay Nagar and another .... Petitioners Versus Assets Care & Reconstruction Enterprises Limited and others ..... Respondents CORAM: HON'BLE MR. JUSTICE JASGURPREET SINGH PURI HON'BLE MR. JUSTICE PRAVINDRA SINGH CHAUHAN Present: Mr. Sahil Khunger, Advocate, for the petitioners. Mr. Vipul Dharmani, Advocate, for respondent No.1. **** JASGURPREET SINGH PURI , J. (ORAL) 1. Both the learned counsels for the parties, on specific instructions, are ad idem that in case the petitioners pay the outstanding amount, no further action will be taken against them in respect of the loan account. 2. Mr. Vipul Dharmani, learned counsel for respondent No.1 submitted that the total outstanding amount recoverable from the petitioners, is 40,03,297/- (Rupees Forty Lacs Three Thousand Two Hundred Ninety- Seven Only) and in case the petitioners pay the aforesaid amount within such time-frame as may be fixed by this Court, he has instructions to state that the action initiated against the petitioners under the SARFAESI Act will be dropped. BHUMIKA BHATI 2026.08.27 17:14 I attest to the accuracy and integrity of this document chandigarh CWP-27236-2026 (O&M) -2- 3. Learned counsel for the petitioners submitted that he has already brought a demand draft to show the bona fides of the petitioners. He further submitted that in fact, the demand draft had been prepared in the name of a wrong person and that a fresh demand draft will be prepared and handed over to learned counsel for respondent No.1 tomorrow, i.e. 27.08.2026, in the name of requisite Trust of Assets Care & Reconstruction Enterprises Limited. He further submitted that the remaining amount of 4 lacs will be paid to respondent No.1 within a period of one week from today. So far as the balance amount i.e. 30,03,297/- out of the aforesaid amount of 40,03,297/- is concerned, the same will be paid to respondent No.1 within a period of two months from today. He further submitted that the aforesaid statement regarding payment of 6 lacs by tomorrow, i.e. 27.08.2026, 4 lacs within a period of one week and the remaining amount of 30,03,297/- within a period of two months from today, is being made on the basis of an undertaking furnished by the petitioners. He submitted that he has instructions to state that the petitioners undertake before this Court to honour the aforesaid undertaking and in the event of any default, shall be liable for any action that may be taken against them in accordance with law. 4. Learned counsel for respondent No.1 states that he also has instructions to state that in case the petitioners honour the aforesaid undertaking given before this Court, respondent No.1 will not proceed against the petitioners and will drop the proceedings, as the entire outstanding amount would stand satisfied. He further submitted that in view of the aforesaid statement made by learned counsel for the petitioners, the petitioners shall not be dispossessed from the property. 5. In view of the aforesaid statements made by learned counsels BHUMIKA BHATI 2026.08.27 17:14 I attest to the accuracy and integrity of this document chandigarh CWP-27236-2026 (O&M) -3- for the parties, the present petition is disposed of. (JASGURPREET SINGH PURI) JUDGE 26.08.2026 (PRAVINDRA SINGH CHAUHAN) Bhumika JUDGE 1. Whether speaking/reasoned: Yes/No 2. Whether reportable: Yes/No BHUMIKA BHATI 2026.08.27 17:14 I attest to the accuracy and integrity of this document chandigarh