LISSY SEBASTIAN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The first petitioner is the wife of the second petitioner, while the third petitioner is the guarantor to the two loan transactions availed by petitioners 1 and 2. In the course of steps for realization of the due amounts, the Bank filed O.S. No. 14/2010 before the Sub Court, Ernakulam. With regard to one loan, there is no dispute and the petitioners submit that the said loan has been closed, availing the eligible benefits. Dispute is only with regard to the remaining loan. The amount due under the said loan transaction was sought to be settled by way of appropriate proceedings and a 'settlement award' was passed as borne by Ext. P2, which has been signed by all the parties concerned and also by the concerned lawyers appeared on either side. The said compromise award reads as follows:

(2.) Heard the learned Senior Standing Counsel Sri. George Thomas (Mevada) appearing on behalf of the first respondent as well.

(3.) The first respondent has filed a statement referring to sequence of events pointing out that the suit was originally filed for a total sum of Rs. 4,95,780.60 and admittedly, the same was settled as per Ext. P2. But since the petitioners did not choose to satisfy the initial deposit of Rs. 20,000/- nor has effected any subsequent payment, the settlement did not work out and as such, the Bank is entitled to recover the entire amount. It is also pointed out that the petitioners are not eligible to have the benefit of the particular One Time Settlement scheme, as the amount involved is more than Rs. 3 lakhs and the same shall stand outside the purview of the Scheme as borne by Annexure-I communication dated 11/01/2014 issued by the authorities of the Bank. The learned counsel for the petitioners concedes with reference to the contents of the statement filed, that the petitioners have now realised that the petitioners are not entitled to have the benefit of the Scheme. But then, the contention is that the petitioners are liable to satisfy only the amount covered by Ext P2 and nothing more. Ext. P4 revenue recovery notice refers to a total sum of Rs. 7,92,828/- which has absolutely no rhyme or reason with regard to the figures mentioned in Ext. P2.