INDIAN BANK Vs. SHUKRA JEWELLERY LIMITED

JUDGEMENT

(1.) In this appeal, order of the learned Single Judge dtd. 14/10/2022 passed in Special Civil Application No.18858 of 2022 is under challenge.

(2.) Respondent Nos.1 to 3 herein had approached the learned Single Judge by writ application, namely by filing Special Civil Application No.18858 of 2022, seeking for a writ of Mandamus to the appellant Bank to accept the amount of Rs.4.00 crore against full and final settlement towards their loan account and for setting aside the auction notices dtd. 7/9/2022, 31/1/2022 and 30/10/2021 which came to be issued pursuant to the demand notice issued under Sec. 13(2) of the SARFAESI Act on 13/4/2021 and all consequential proceedings arising thereunder.

(3.) At the time of entertaining the petition, learned Single Judge passed an order on 21/9/2022 where-under submission was made on behalf of petitioners by learned advocate was placed on record, which was to the effect that petitioners had informed the bank by communication dtd. 31/3/2022 that they are ready and willing to pay outstanding amount of Rs.4.31 crores and 'No Due Certificate' can be issued accordingly and along with said letter, a demand draft of Rs.31.00 lacs was also furnished which has been encashed by the Bank. It was further submitted that petitioners were ready and willing to pay Rs.4.00crores, namely by way of demand draft a sum of Rs.2.00 crores on 21/9/2022 and further amount of Rs.2.00 crores and further interest thereon as claimed by the bank within a period of 15 days. Said submission was placed on record and interim relief as prayed for in paragraph 7(d) came to be granted till next date of hearing. Pursuant to the same, petitioners deposited a sum of Rs.4.00 crores before this Court in three installments, namely Rs.2.00crores at first instance, Rs.1.50 crores at second instance and Rs.50.00 lac at third instance. It is stated that Registry has encashed the demand drafts for Rs.3.50 crores and demand draft totalling Rs.50.00 lacs namely demand draft bearing No.521204 dtd. 10/10/2022 and demand draft No.521209 dtd. 13/10/2022 for Rs.30.00 lacs and Rs.20.00 lacs respectively are yet to be encashed by the Registry and same is with the Registry. This fact is not disputed by the learned counsel appearing for the appellant bank. Today, learned counsel appearing for the appellant has placed on record a communication dtd. 8/12/2022 addressed to the writ applicants, namely to the first respondent herein, where-under it is stated that compromise proposal submitted by the writ applicants has been accepted for a sum of Rs.4.46 crores (Rs.446.00 lacs). Said letter would also indicate that Rs.41.00 lacs paid by the writ applicants has been adjusted and deposited with the appellant bank. Thus, what remains is a sum of Rs.4,05,00,000.00.