RAVINDRA KUMAR Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) The petitioner's father late Sri Ramakrishna Bhat had availed a loan of Rs.37,50,000.00 from the 3rd respondent -Bank, in the year 2000. After the death of the petitioner's father, his brother Mr. Krishna Kumar Rudrapaada is said to have been taking care of the properties and affairs of the family. However, the said Sri Krishna Kumar Rudrapaada is said to have committed suicide on 12/7/2010 at Mangalore. It is the contention of the petitioner that though the loan availed was Rs.37,50,000.00, by the year 2011, a sum of Rs.57,00,000.00 lakhs had been repaid. Nevertheless, when notices were issued for repayment of the outstanding amount along with interest, the petitioner came forward to have the matter settled under One Time Settlement Scheme (OTS scheme).

(2.) It is seen that the 3rd respondent-Cooperative Bank had itself recommended to the Deputy Registrar of Co-operative Societies in its communication dtd. 26/5/2012 at Annexure-E that as per the One Time Settlement scheme, if the amount due from the petitioner is calculated with interest at the rate of 10% per annum, then the petitioner would have to pay about Rs.25.00 lakhs. Therefore permission was sought from the Joint Registrar of Co-operative Societies. To the recommendation made by the Bank, the Deputy Registrar of Co-operative Societies in his communication dtd. 4/6/2012 further sought the permission of the Joint Registrar of Co-operative Societies to permit settlement of the dues at the rate of 10% p.a. Thereafter, the Registrar of Co-operative Societies has himself passed an order dtd. 6/8/2012 at Annexure-G permitting the respondent -Bank to settle the matter by calculating the amount payable at the rate of 10% p.a., but on the condition that the petitioner shall pay the entire amount on or before 30/9/2012.

(3.) Learned counsel for the petitioner submits that consequent to the intimation given by the respondent-Bank, the petitioner paid a sum of Rs.15,87,884.00 and sought for issuance of clearance certificate and to return the documents. However by a communication dtd. 5/12/2012, the respondentBank calls upon the petitioner to pay a sum of Rs.41.00 lakhs under the OTS scheme. It is also stated that the amount already paid by the petitioner shall be adjusted to the said sum.