DEV HOME FINISHING COMPANY Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) Petitioners took a loan from Punjab National Bank, Branch Kankhal, District Haridwar. Since petitioners could not repay the loan on time, therefore, proceedings have been initiated against her as per the provisions contained in SARFAESI Act. Thus, feeling aggrieved, petitioners have approached this Court.

(3.) Shri Akshay Latwal, learned counsel for the petitioners submits that petitioner has submitted an application for one time settlement of the outstanding loan. Shri Siddhartha Jain, learned counsel appearing for the Bank, however, submits that the petitioner has not submitted any proposal for one time settlement and in the absence of such proposal, it is not possible for the Bank to take any decision. To this, petitioner's counsel submits that the petitioner will positively submit one time settlement proposal within 10 days. Shri Siddhartha Jain, learned counsel assures the Court that if petitioner submits such proposal within 10 days, the Competent Authority shall examine the same and pass appropriate order in accordance with law within 10 days thereafter.