EMBEE AGRO FOOD INDUSTRIES Vs. CANARA BANK

JUDGEMENT

(1.) The petitioner is before this court seeking the following prayer:

(2.) Heard the learned counsel Sri.B.Prasanna Kumar, appearing for the petitioner and the learned counsel Sri.Vignesh Shetty, appearing for the respondent.

(3.) The original borrower was one Animesh Gowda M.S., the Managing Director of M/S. Embee Agro Food Industries, the present petitioner. The original borrower had borrowed certain amount from the respondent - Canara Bank. The original borrower had defaulted in payment. Not being able to pay the mounting of debts, commits suicide, comes into the picture the representative of the petitioner-Company, the father of the original borrower. The Bank owing to and knowing about the death of the original borrower, the son of one M.B.Somashekar Gowda, the present petitioner who is representing the Company is offered a one time settlement of Rs.19.75 crores plus legal expenses. The correspondences between the two results in the Bank accepting the one time settlement and passing an order on 29/9/2022 which reads as follows: