SANGEETHA JAIN PROPRIETRIX OF REFLEX OVERSEAS AND LALIT JAIN PROPRIETOR OF KAVITHA INTERNATIONAL Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) PETITIONERS have sought for a direction to the Respondent to consider 'One Time Settlement' proposal submitted by the Petitioners. They have also sought for direction to the Respondent to communicate to the Petitioners, its indication of amounts that may be acceptable to the bank as 'One Time Settlement' from the Petitioners.

(2.) THE records reveal that the Petitioners have borrowed certain sums of money and those amounts are not paid. Petitioners have approached Debt Recovery Tribunal and have failed. According to the Petitioners, they have been making representations to consider their prayer for 'One Time Settlement' since long time.

(3.) THE writ petitions are opposed by Sri Veeresh Kumar, Sivasali, learned Counsel appearing for the Respondent -bank by inter alia contending that the prayer of the Petitioners relating to 'One Time Settlement' is already rejected by the Respondent -bank on 12.3.2010 as per Annexure -R produced along with the statement of objections. The proposal of the Petitioners is considered by Respondent as per the RBI Guidelines.