YASHAS ELECTRICALS Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Petitioners admittedly being the borrowers of the Respondent-Bank are due in a sum of Rs.1,01,85,359.00 on 31/12/2019. They had suffered an order at the hands of DRT in OA No.164/2020 that stood disposed off in favour of the Bank. Now the coersive proceedings having been initiated by the Respondent-Bank, Petitioners are grieving against the same.

(2.) The Respondent-Bank is represented by the learned Senior Panel Counsel Sri. B.Prasanna Kumar who vehemently opposes the petition pointing out the orders suffered by the Petitioners at the hands of DRT as indicated above. He submits that once the matter has been duly adjudicated at the hands of the DRT the only alternative available to the petitioners is to approach the DRAT or such other forum to who are work out grievance of the kind.

(3.) Having heard the learned counsel for the parties and having perused the Petition papers, this Court need not much deliberate on the questions debated before it inasmuch as, learned counsel for the Petitioner has filed a memo to the effect that his clients would initially pay a sum of Rs.60,00,000.00 (Rupees Sixty Lakhs) only within a period of three weeks which would include Rs.10,00,000.00 (Rupees Ten Lakh) only which the Respondent-Bank is still holding in terms of the order in WP.No.6499/2023 disposed off on 20/4/2023; further the remainder of the amount would be remitted with the applicable rates of interest within an outer limit of three months. He also points out that the tenants of the subject property have been remitting Rs.2,00,000.00 every month to the bank and that needs to be discounted. All this is absolutely fair. A Memo dtd. 30/5/2023 filed by learned counsel for the Petitoners filed in this connection reads as under: