MARUTI Vs. BRANCH MANAGER UNION BANK OF INDIA

JUDGEMENT

(1.) Since the grievance of the petitioners in all these matters are common, inasmuch as the petitioners having obtained loan/financial assistance from the respondent- bank, are seeking writ of mandamus directing the respondent-bank to consider the case of the petitioners for One Time Settlement in terms of the OTS scheme of the respondents-bank, as found at Annexure-B, which is valid upto 30/9/2022, these matters are disposed of by this common order.

(2.) It was pointed out by the learned counsel for the respondent-bank that earlier the petitioners were before this court and various orders have been passed, including one in W.P.No.100008/2022 dtd. 7/1/2022 permitting the petitioners to file a fresh undertaking before the Debts Recovery Tribunal in the pending proceedings in SA No.325/2021 within a period of two weeks and in spite of the petitioners filing an undertaking before the Tribunal, nevertheless, the Tribunal has not passed any orders till date. Learned counsel for the respondent-bank has pointed out from the said order dtd. 7/1/2022 that there are allegation of fraud on the petitioners. Nevertheless, after hearing the learned counsels and on perusing the petition papers, this court find that if the petitioners are entitled to seek benefit of OTS scheme, the same should be granted by the respondent-bank. It has been pointed out from the OTS scheme that the petitioners will have to deposit OTS amount as per the settlement formula provided in the scheme itself. On the basis of the information available on record, it is found that balance outstanding amount including interest is around Rs.7.5 crores and the petitioners will have to deposit about Rs.35.00 lakhs even in terms of the said scheme.

(3.) Although it is the contention of the learned counsel for the petitioners that if 5% of the OTS amount is to be worked out in terms of the formula provided in the scheme, the 5% amount would be much less than Rs.35.00lakhs, nevertheless, learned counsel for the petitioners has submitted that petitioners may be directed to deposit Rs.35.00 lakhs as 5% of the OTS amount in order to enable the respondent-bank to consider the proposal of OTS settlement for the petitioners. Learned counsel would further submit that the petitioners will deposit the said sum on or before 1/8/2022 with the respondent-bank.