LORD BUDHA SOCIETY Vs. STATE BANK OFPATIALA

JUDGEMENT

(1.) Challenge in the present writ petition is to communication dated 15.02.2012 (P-14) whereby the Debts Recover) Appellate Tribunal, Delhi (for short 'DRT') restrained the Bank from taking any coercive measures qua a residential house up to next date of hearing. The petitioners have availed financial assistance from the respondent-Bank. To secure the loan advanced to the borrower, the following properties were mortgaged:-

(2.) The impugned order dated 15.02.2012 came to be passed on an appeal filed by the petitioners herein after they entered into settlement with the respondent-Bank on 11.08.2011 (P-3). The writ jurisdiction of this Court has been invoked by the Borrower and two of the guarantors against the action being taken by the Bank on account of inability of the borrower to honour the time schedule given under the One Time Settlement (for short 'OTS') arrived at on 11.08.2011. The relevant terms of settlement read as under:-

(3.) In pursuance of the said settlement, the petitioners deposited a sum of Rs. 1 crore on 31.10.2011 (P-6). The petitioner sought time till 31.03.2012 to make the payment of the remaining amount. On 06.02.2012, the request of the borrower was partly accepted when it was inter alia communicated to the following effect: