Bilogics Inc. Suketi Road vs Punjab National Bank,

Tarlok Singh Chauhan, J

Notice. Mr. Sanjay Dalmia, Advocate, appears and waives service of notice on behalf of respondent No.1.

Learned counsel for the petitioner states that her client is ready and willing to pay 20% of the default amount in case the respondent-Bank is ready

to consider the case of the petitioner under One Time Settlement Scheme.

Learned counsel for respondent No.1 has no objection to such proposal.

Consequently, we dispose of the petition by directing the petitioner to deposit 20% of the default amount with the respondent-Bank within one week

i.e. uptill 19 th August, 2021 at 5.00 p.m. Till then, the impugned order of auction contained in Annexure P-7 is ordered to be stayed.

The writ petition stands disposed of, leaving the parties to bear their own costs.

Pending applications, if any, also stand disposed of.

Needless to say that the respondent-Bank shall decide the case of the petitioner under ‘OTS’ as per the prevailing rules and instructions.

Before parting, it is made clear that this order is being passed in the peculiar facts and circumstances of the case, more particularly, on the consent

given by the respondent-Bank and the same shall not be treated as a precedent in future.

In case, the petitioner does not deposit the amount in question with the respondent-Bank within the stipulated time, then the protection granted by

this Court shall be deemed to have been vacated.

Copy ‘dasti’.