PRAVEEN Vs. DENA BANK

JUDGEMENT

(1.) The case has got a long history. The petitioner's father had availed a term loan of Rs. 7.5 lakhs and a cash credit facility of Rs. 15.25 lakhs from the respondent Bank creating security interest over the property in question. When the due amount was not satisfied on time, the Bank proceeded with further steps under the SARFAESI Act, which was sought to be challenged by filing W.P.(C)37279 of 2009 seeking for the benefit of OTS; simultaneously assuring that the entire liability to the Bank would be cleared on or before the 31st of March, 2010. It was disposed of accordingly, as per Ext.P12 judgment with liberty to approach the Bank for getting concessions to the possible extent, as noted in paragraph No.4 of the judgment.

(2.) The learned Counsel for the petitioner submits that by virtue of Ext. P12, the petitioner approached the Bank by filing an application for OTS, which was considered and acted upon by the Bank by issuing Ext.P13 order whereby, the total liability of the petitioner was stipulated as Rs. 28 lakhs, out of which Rs. 4.70 lakhs kept in no-lien account was to be appropriated as specified therein and the balance of Rs. 23.30 lakhs was to be cleared on or before 31.08.2010. Admittedly, the petitioner could not clear the liability as stipulated in Ext. P13 and when the Bank proceeded with further steps, the petitioner approached this Court by filing the present writ petition with the prayer that the petitioner might be granted time till the end of the current financial year to clear the liability settled under the OTS.

(3.) It is stated that in compliance with the various interim orders passed by this Court, the amounts stipulated therein have already been satisfied and the petitioner seeks for further time by way of installments to clear the balance liability under Ext. P13.