PANWAR STEELS LIMITED Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) RULE . Rule returnable and heard forthwith.

(2.) THE petitioners have challenged the order of the Debt Recovery Appellate Tribunal dated 03.09.2014 dismissing their appeal filed against the order of the Debts Recovery Tribunal on the ground of limitation and holding that the petitioners had not succeeded in explaining the inordinate delay in filing the appeal.

(3.) ON 11.02.2011, the right of petitioners No.1, 2 and 3 to file a written statement was closed. The DRT had by an order dated 29.03.2012 directed the petitioners to pay an amount of Rs.4.56 crores with interest at 12% per annum. The appeal was filed before the DRAT on 13.5.2014 i.e. after more than two years. We will refer to the petitioners' contentions regarding an OTS arrived at between the parties on 20.11.2010 under which the petitioners had agreed to pay and the respondent -bank had agreed to accept a sum of Rs.1.65 crores in full and final settlement of the account later. The petitioners had also challenged the respondent's action under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002 by filing S.A. No.96 of 2012. We will refer to the same also shortly.