AKHIL FABRICS PVT LTD Vs. CENTRAL BANK OF INDIA, A BODY CORPORATE, CONSTITUTED UNDER BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1970

JUDGEMENT

(1.) Rule. Rule made returnable forthwith. Heard, by consent.

(2.) The Petition arises out of the peculiar facts and circumstances. A one time settlement was arrived at between the Petitioners and the RespondentBank vide the terms and conditions dated 20 January 2017. As per the said settlement, an amount of Rs.40,00,000/ (Rupees Forty Lacs only) was to be paid by the Petitioners to the RespondentBank.

(3.) It is not in dispute that when the Petitioners had approached this Court, an amount of Rs.35,00,000/ (Rupees Thirty Five lacs only) had already been paid by the Petitioners to the RespondentBank. However, the Petitioners were required to approach this Court since the bank sought revocation of settlement on the ground that the post dated cheques are not deposited.