High Court of Punjab and Haryana, Chandigarh
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M/s Ace Textiles Limited v. State Bank of India - CWP-15238-2006  RD-P&H 7215 (14 September 2006)
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH.
Civil Writ Petition No.15238 of 2006.
Date of Decision : Sept. 22, 2006
M/s Ace Textiles Limited
State Bank of India
CORAM : Hon`ble Mr. Justice Jasbir Singh,
Hon`ble Mr. Justice Pritam Pal.
Present : Shri J.R.Mittal, Senior Advocate, with Shri K.S.Chahal, Advocate,
for the petitioner.
JASBIR SINGH, J. (Oral)
This writ petition has been filed with a prayer to quash letter dated 10.8.2006 (Annexure P/3).
It is apparent from the record that vide Annexure P/3, the petitioner was asked only to comply with the terms and conditions of the agreement, Annexure P/1, whereby, their loan account was settled under some scheme.
As per the agreement, Annexure P/1, the petitioner is supposed to make payment of the entire amount till 24th Sept. 2006. It still has two Civil Writ Petition No.15238 of 2006. 2
days to make the payment. A very lame excuse has been put forward by the petitioner, to say that the time be extended as it has a ready-buyer with it, to purchase the property. As per terms and conditions of the agreement, Annexure P/1, it is not open to the petitioner to sell the property mortgaged and make the payment, no such stipulation exists in the compromise deed, Annexure P/1.
[ JASBIR SINGH ]
[ PRITAM PAL ]
Sept.22, 2006 JUDGE
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