R SHANKAR Vs. SOUTH INDIAN BANK LTD

JUDGEMENT

(1.) PETITIONERS have filed this Writ Petition, praying to quash the order of the second respondent, dated 24.01.2008, passed in I.A.No.1034 of 2007 in I.N.No.622 of 2007.

(2.) AT the time of hearing of this case, learned counsel for the petitioners had requested the Court to settle the dues by way of One Time Settlement and, on putting the learned counsel for the first respondent Bank to notice, the said request was considered and offered by the Bank for a sum of Rs.36.00 lakhs as against the due of Rs.56.00 lakhs. However, the petitioners failed to concede to the said offer and, instead, requested this Court to dispose of the matter on merits.

(3.) DISPELLING the above contention, learned counsel for the respondent Bank has argued that as the petitioners have borrowed the amount from the Bank and failed to pay the same and also participated in all the proceedings initiated by the Bank both before the Additional Sub-Court, Poonamallee, and the Debt Recovery Tribunal-I, Chennai, by no stretch of imagination, it can be said that sufficient cause has been shown for the extraordinary delay in filing the appeal.