R ARAVINDHAN Vs. AUTHORIZED OFFICER, IDBI BANK LIMITED

JUDGEMENT

(1.) Petitioner/Guarantor, has offered his property situated at Thirupur District, Thirupur Taluk, Thirupur Town, Thottipalayam Village, in Ward No.14, KNP Puram, Door No.37 to 41, New No.53, Muthusamy Street, as security for the loan availed by M/s.PV Chemitec Adhesives India (P) Limited, Coimbatore, the 4th respondent herein. As there was default IDBI Bank Limited, NPA Management Group, Saidpet, Chennai, the 1st respondent, has filed OA.No.7 of 2012 on the file of Debts Recovery Tribunal, Coimbatore, for recovery of a sum of Rs.2,65,93,227/-. Petitioner has been arrayed as Defendant No.6, in O.A.No.7 of 2012. Reply by Defendant No.6/writ petitioner has been filed.

(2.) Petitioner/Defendant No.6, in O.A.No.7 of 2012, has offered a one time proposal dated 14.12.2016, offering Rs.20 Lakhs. Proposal has been rejected by 1st respondent Bank, vide letter dated 04.01.2017. Later petitioner has increased the proposal to Rs.30 Lakhs, vide letter dated 28.03.2017. But, the bank rejected the same, vide letter dated 11.05.2017. Subsequently on 17.03.2018, petitioner has submitted another revised proposal increasing the amount to Rs.35,00,000/-. IDBI Bank vide letter dated 28.03.2018, rejected the said proposal also, as hereunder.

(3.) On 18.04.2018, when OA No.7 of 2012, came up for hearing, petitioner/Defendant No.6, has filed a petition to refer the matter before Lok Adalat for settlement, for which the learned counsel for the bank has conceded. Therefore, the tribunal directed the Registry to refer the matter before Lok Adalat on 11.05.2018. According to Mr.D.Jaganathan, learned counsel for the petitioner, though on 11.05.2018, the petitioner was present, there was no appearance on behalf of the bank. Hence, reference made before the Lok Adalat had been adjourned to 20.06.2018.