SHAM Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Heard Mr Mohamed Khan learned Counsel for the petitioner, and Mr Jawahar Jose learned Standing Counsel for State Bank of India.

(2.) The petitioner is the proprietor of the firm 'M/s Sha Selections' as well as the firm 'M/s Sha Fabrics'. The petitioner had availed two loan facilities of Rs.25.00 lakhs and Rs.10.00 lakhs for the purposes of running its business in a textile shop. The petitioner had given the residential property in his name as security for availing the aforementioned two loan facilities from the respondent Bank. The petitioner suffered losses because of the spread of the COVID-19 pandemic and the lockdown imposed due to COVID-19. The petitioner, therefore, defaulted in serving the two loan accounts. 2.1 The respondent Bank initiated SARFAESI proceedings against the petitioner and filed an Original Application before the DRT-II Ernakulam. In the meantime, the respondent Bank announced the "Rinn Samadhan 2021-22 Scheme" for the settlement of the accounts. The respondent Bank offered the said scheme to the petitioner as well by sending letters dtd. 10/11/2021 and 31/1/2022. In pursuance of the said letters, the petitioner approached the respondent Bank. According to the petitioner, the responsible Officer of the Bank handed over two calculation slips to the petitioner for payment in pursuance of the "Rinn Samadhan 2021-22 Scheme" and "SBI OTS Scheme 2021". In respect of the first loan account, Rs.22,92,712.00 and in respect of the second loan account, Rs.6.00 lakh was calculated to be paid by the petitioner. 2.2 The first loan account in respect of Sha Selections, the offer was made to the petitioner for making payment of the entire outstanding amount under OTS at Rs.28,66,712.40 by order dtd. 31/1/2022 in the following manner:

(3.) It is not in dispute that the petitioner had paid the entire amount as per the two OTS schemes in respect of the two loan accounts. He, therefore, submits that once the petitioner has paid the entire OTS amount in respect of the two accounts within the outer limit, the petitioner is entitled to get the release of the title deeds in respect of the mortgaged asset of the petitioner for which he has made a request in Ext.P5.