SHAILLY CONSTRUCTION PVT LTD Vs. STATE OF GUJARAT

JUDGEMENT

(1.) By way of the petition, under Article 226 of the Constitution as prayed for the following reliefs:

(2.) The petitioner, a registered private limited construction company, preferred the present petition seeking directions against the respondents to consider and take final decision on its application for one time settlement of dues under the One Time Settlement Scheme for Cooperative Banks in liquidation of the respondent State of Gujarat dated 19.05.2010. Initially, when the petition was preferred, the petitioner is ready and wiling to pay an amount of Rs.2.75 crores by one stroke and the necessary finance has also been arranged. It was submitted that the amount of Rs.2.75 crores is based on the formula as stated in the O.T.S. Scheme. According to the petitioner, implementation of One Time Settlement Scheme floated by the respondent State of Gujarat would be binding upon the liquidator and the High Level Committee entrusted with the responsibility to consider and approve application for One Time Settlement of the respective borrower.

(3.) The matter was taken up for the first time on 06.04.2011, on 06.04.2011, this Court passed the following order: