15.07.2025 MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH MS SHRI BALASUNDRI POLYMERS THROUGH v. AXIS BANK LTD AND OTHERS AXIS BANK LTD AND OTHERS
Case Details
AND HARYANA AT CHANDIGARH IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH IN THE HIGH COURT OF PUNJAB 111 2025 CWP-19408-2025 DATE OF DECISION: 15.07.2025 DATE OF DECISION: 15.07.2025 MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH MS SHRI BALASUNDRI POLYMERS THROUGH ITS PARTNER SH ATUL JAIN … Petitioner (s) Versus AXIS BANK LTD AND OTHERS AXIS BANK LTD AND OTHERS ... Respondent(s)
Legal Reasoning
HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL CORAM: HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE ANUPINDER SINGH GREWAL HON’BLE MR. JUSTICE DEEPAK MANCHANDA HON’BLE MR. JUSTICE DEEPAK MANCHANDA HON’BLE MR. JUSTICE DEEPAK MANCHANDA Mr. Sandeep Jain, Advocate, Present: Mr. Sandeep Jain, Advocate Mr. Sachin Jain, Advocate and Mr. Sachin Jain, Advocate and for the petitioner. Mr. Davinder Kumar, Advocate for the petitioner. Mr. Davinder Kumar, Advocate Mr. Anant Kataria, DAG, Haryana. Mr. Anant Kataria, DAG, Haryana. SINGH GREWAL, J. (ORAL) ANUPINDER SINGH GREWAL, J. (ORAL) Learned counsel for the petitioner Learned counsel for the submits that the petitioner had submits that the petitioner had ut later due to financial difficulty they could not pay the taken a business loan but later due to financial difficulty they could not pay the ut later due to financial difficulty they could not pay the taken a business loan . instalments. The outstanding loan amount as on date is Rs.19 crores (approx.) amount as on date is Rs.19 crores (approx.). instalments. The outstanding Three properties owned by Three properties owned by Three properties owned by been pledged by the petitioner have been pledged by the petitioner have the petitioner have the the is in the vicinity of /Bank. The market value of one of the properties is in the vicinity of /Bank. The market value of one of the propert respondent/Bank. The market value of one of the propert Rs.25 crores which would be sufficient to discharge Rs.25 crores which liability of the to discharge the entire liability of the petitioner. The other two properties are not required to be sold at this stage. He . The other two properties are not required to be sold at this stage. He properties are not required to be sold at this stage. He also submits that the petitioner has the buyer for also submits that the petitioner ha property and the the buyer for that property and the its dues. He is respondent/Bank may permit him to sell the same and pay back its dues. He is respondent/Bank may permit him to sell the same respondent/Bank may permit him to sell the same confining the prayer in this petition to the confining the prayer in this petition to permission from the grant of permission from respondent/Bank to sell the property and pay the outstanding dues to the respondent/Bank to sell the property and pay the outstanding dues to the respondent/Bank to sell the property and pay the outstanding dues to the respondent/Bank to sell the property and pay the outstanding dues to the respondent/Bank /Bank. 2. SWARNJIT SINGH 2025.07.15 17:34 I attest to the accuracy and integrity of this document Issue notice to the respondents. Issue notice to the respondents. 2025 CWP-19408-2025 -2- 3. At the asking of the Court, Mr. D.K. Singal, Advocate accepts At the asking of the Court, Mr. D.K. Singal, Advocate accepts At the asking of the Court, Mr. D.K. Singal, Advocate accepts At the asking of the Court, Mr. D.K. Singal, Advocate accepts behalf of the respondent/Bank and he, upon instructions from notice on behalf of the respondent/Bank and he, upon instructions from behalf of the respondent/Bank and he, upon instructions from behalf of the respondent/Bank and he, upon instructions from not brought forth Authorized Officer of the Bank, submits that the petitioner has not brought forth Authorized Officer of the Bank, submits that the petitioner ha Authorized Officer of the Bank, submits that the petitioner ha any genuine buyer and in the event of his doing so, the Bank would consider his any genuine buyer and in the event of his doing so, the Bank would consider his any genuine buyer and in the event of his doing so, the Bank would consider his any genuine buyer and in the event of his doing so, the Bank would consider his offer and take a decision in accordance with law. offer and take a decision in accordance with law. offer and take a decision in accordance with law. 4. 5. Heard. Heard. In view of the aforenoted facts and circumstances, this petition is In view of the aforenoted facts and circumstances, this petition is In view of the aforenoted facts and circumstances, this petition is In view of the aforenoted facts and circumstances, this petition is
Decision
disposed of with a direction that in the event of the petitioner disposed of with a dir approaching the in the event of the petitioner approaching the Bank for redressal of his grievance, the respondent/Bank would consider and Bank for redressal of his grievance, the respondent/Bank would consider and Bank for redressal of his grievance, the respondent/Bank would consider and Bank for redressal of his grievance, the respondent/Bank would consider and decide the same. decide the same. 6. It is clarified that this order shall not come in the way of the It is clarified that this order shall not come in the way of the It is clarified that this order shall not come in the way of the It is clarified that this order shall not come in the way of the edings under the SARFAESI Act for respondent/Bank invoking the proceedings under the SARFAESI Act for edings under the SARFAESI Act for respondent/Bank invoking the proce recovering the dues. recovering the dues. (ANUPINDER SINGH GREWAL) (ANUPINDER SINGH GREWAL) JUDGE (DEEPAK MANCHANDA) (DEEPAK MANCHANDA) JUDGE 15.07.2025 SwarnjitS Whether speaking/reasoned Whether speaking/reasoned Whether reportable Whether reportable : : Yes / No Yes / No Yes / No Yes / No SWARNJIT SINGH 2025.07.15 17:34 I attest to the accuracy and integrity of this document