NIKHIL ENTERPRISES PORP Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Petitioner has filed the petition under Article 226 of the Constitution of India seeking following reliefs:-

(2.) Learned counsel for the petitioner has submitted that the petitioner has approached the respondent -Bank under One Time Settlement (OTS) Scheme in terms of the order passed by this Court dtd. 27/10/2021. As per the settlement, petitioner has agreed to pay Rs.22,00,000.00 (Rupees Twenty Two Lakhs only) to the respondent-Bank as full and final settlement of its claim. Petitioner has already paid Rs.3,30,000.00 to the Bank and the remaining amount will be paid to the respondent-Bank on or before 15. 02.2022. The benefit of OTS Scheme has not been given to the petitioner as per the Reserve Bank of India's Regulations. The possession of the property in question be ordered to be restored to the petitioner.

(3.) Learned counsel for the respondent-Bank has submitted that the possession of the property in question was taken by the respondent-Bank on 27/9/2021. In the proceedings before this Court in CWP No.6700 of 2021, it was the case of the petitioner that they already have a ready buyer with them and after selling the property in question, petitioner would repay the loan in terms of the OTS Scheme.