K.M.NAZAR Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE above review petition has been filed seeking review of the order dated 27.8.2012. This Court, by the said order granted stay on condition of the petitioner having deposited Rs.5 lakhs on the said day and further directing payment of the balance dues in four equal monthly installments starting from 10.9.2012. The petitioner's prayer that the One Time Settlement application filed by him may be considered was also granted and it was specified that if such settlement is granted, the payments would be subject to the orders passed by the Bank. The above review is filed on the ground that if payments are made in accordance with the order of this Court, then, that would render the second appeal infructuous.

(2.) I am not persuaded to agree with the learned counsel for the petitioner. The facts would show that the original application filed against the petitioner was decreed in the year 1998. On a prayer for One Time Settlement, the same was granted in 2004 determining the final amount to be paid as Rs.32 lakhs in satisfaction of the entire debts. The petitioner failed to make the payment as per the said OTS granted by the Bank. The learned counsel for the Bank submits that on subsequent 8 occasions the petitioner was granted opportunity to settle the amounts, which was not complied with. The petitioner, would, however, contend that there was a Government moratorium against recovery of the amounts from the Cashew Industries and this was the reason for not proceeding against the petitioner. In any event, it cannot be disputed that the petitioner obtained an order from the Debt Recovery Tribunal in the appeal filed by him wherein the petitioner was directed to pay Rs.10 lakhs in two equal installments. The first installment was paid and the second installment which fell due on 30.2.2012 was defaulted. Despite the default, the petitioner did not seek any further time before the Tribunal.

(3.) NEEDLESS to say that if no One Time Settlement is granted to the petitioner by the respondent Bank, then, the balance amount has to be paid in four equal monthly installments starting from 10.10.2012. Any failure of payment shall entitle the Bank to proceed with the recovery, subject however to the final orders to be passed by the DRT in the appeal preferred by the petitioner. Review Petition dismissed and Writ Petition disposed of as above.