RAGHURAI TAMBA Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) THE petitioner is a firm, of which Shri Raghurai Tamba, is a partner. In this petition filed under Article 226 of the constitution of India, the petitioner prays for writ in the nature of certiorari or any other appropriate writ, quashing and setting aside and/or commanding the respondent No. 2/bank to extend the benefit of the OTS Scheme to the loans taken by the petitioner and also praying for injunction against respondent no. 2/ Bank from taking further steps under section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. 2002.

(2.) SOME facts are required to be stated to dispose of this petition.

(3.) THE petitioner had availed of two loans from the respondent/ Bank on 30. 05. 1985 and 29. 01. 1990, in the sum of Rs. 8,00,000 and Rs. 1,60,000/- respectively. As the repayment was irregular, awards came to be passed against the petitioner. In respect of the first loan, an award was made on 24. 10. 1996, in the sum of Rs. 17,68,439. 70 with interest at 19% from 01. 10. 1996 and in respect of second loan in the sum of Rs. 5,82,604. 80, with interest at the rate of 19% from 01. 04. 1996.