POONAM CHAND AGRAWAL Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) BY this petition, the petitioner seeks a direction to the respondent No. 1 to take appropriate action against the respondent No. 2 for defying the directives/instructions issued by the Reserved Bank of India (for short "the RBI") under the scheme namely; One Time Settlement of NPAs (RBI OTS - 2003) (for short "the RBI OTS - 2003") and the respondent No. 1 may also be directed to refund the excess amount of Rs. 4,15,011.00 to the petitioner with interest at the rate of 15% per annum from the date of deposit. Further, the State Bank of India, Raigarh (for short "the respondent Bank") may be directed to refund the excess amount of Rs. 4,15,011.00 with interest.

(2.) THE facts, in brief, as projected by the petitioner, are that the petitioner obtained a term loan of Rs. 3,00,000.00 and case credit of Rs. 4.5 lacs in the year 1993 from the respondent Bank for installation of a paddy processing plant. However, for about 3-4 years, the plant suffered heavy losses and thereafter, the plant was closed. According to the petitioner, the petitioner has repaid the major portion of term loan; however, he could not repay the cash credit.

(3.) THE petitioner made an application before the Governor, RBI on 07.03.2003 (Annexure - P/4) for considering his case as per the RBI OTS - 2003, but no action was taken. Thereafter, the petitioner started depositing the instalments of the loan amount. Even the bank has refunded an amount of Rs. 3,750.00 in the form of Banker's cheque to the petitioner on the ground of excess payment, as is evident from Annexure - P/6. In spite of the said facts, the bank authorities are not releasing the title deeds of the property mortgaged to the Bank. In the meantime, by letter dated 19.03.2005 the Bank asked the petitioner to deposit an amount of Rs. 4,09,099.00 showing the same as outstanding. Thus, the petitioner deposited an amount of Rs. 4,11,282.00 under protest for obtaining the till deeds of mortgaged property. Hence, this petition for refunding an amount of Rs. 4,15,011.00 along with interest.