MILAN EXPORTS Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The present writ petition has been filed seeking direction to the respondent-bank to adjust the amount of Rs. 50 lakhs towards Rs. 1.50 crores to be paid as per the proposal (Annexure P-7) dated 14.08.2018 under the latest scheme of One Time Settlement (OTS).

(2.) Petitioner No.1 is a partnership firm and petitioners No.2 to 4 are partners. State Bank of India, Stressed Assets Recovery Branch, Ludhiana and State Bank of India, Railway Station Road Branch, Ludhiana have been arrayed as respondents No.1 and 2, respectively, in the writ petition.

(3.) The petitioners availed a cash credit facility of Rs. 2.50 crores from the respondent-bank. In order to secure the credit facility availed, following properties were mortgaged: