ASIAN CARGO MOVERS Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The petitioner has filed the present petition, inter alia, praying as under:

(2.) The principal grievance of the petitioner is that his proposal for One Time Settlement (OTS) of dues owed to respondent no.1 (PNB) for a sum of Rs.3.15 crores has been rejected by the PNB without assigning any reasons.

(3.) Ms Chaudhary, the learned counsel appearing for the PNB submits that there is no dispute with regard to the eligibility of the petitioner to apply under the OTS Scheme. She points out that the petitioner's OTS proposal for a sum of Rs.3,15,00,000/- was rejected since, it was less than the Net Present Realisable Value (NPRV) of the assets charged to the PNB.