(1.) THIS writ petition has been filed for issuing direction to the opposite parties to consider and pass appropriate order on the proposal for One time Settlement submitted by the petitioner.
(2.) THE facts and circumstances giving rise to the case are that the petitioner being the proprietor of M/s. Anand Electronic and co. , a Firm at Sambalpur applied for Cash credit facility before the opposite party-bank on 22-2-1993. The bank after scrutiny and completing formalities sanctioned Rs. 2,00,000/- which was further enhanced to rs. 30,00,000/ -. As the amount of outstanding dues was not paid, the bank started recovery of the outstanding dues. Petitioner wanted settlement as per his desire. The matter was brought to the Court by filing w. P. (C) No. 10489 of 2003 which was disposed of giving certain directions vide judgment and order dated 16-1 -2008. The grievance of the petitioner is that the proposal for One Time Settlement (hereinafter called 'ots') submitted by him is not being considered in accordance with law. Hence this petition.
(3.) LEARNED counsel for the petitioner has argued the matter at length. However, he has fairly conceded that there was no clause contained in the agreement between the parties for OTS nor it is provided in the statute or Statutory Rules etc. Petitioner has not filed any copy of any guidelines issued by the Reserve Bank of India in this regard.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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