RAJ KUMAR Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) This petition is being entertained in view of order dtd. 16/12/2021 passed by Hon'ble Apex Court in Special Leave to Appeal (C) No. 10911 of 2021, titled State Bar Council of Madhya Pradesh v. Union of India, wherein, inter alia, following was observed:

(2.) The case as set up by the petitioner is that the respondents-bank had sanctioned term loan of Rs.10,00,000.00in his favour during the year 2013. The loan amount was obtained by the petitioner for marriage of his daughter and for renovating his house. The loan was to be re-paid in monthly installment of Rs.10,000.00. By 5/2/2020 the petitioner had re- paid an amount of Rs.7,14,520.00. On 7/12/2021, the respondents issued notice for taking physical possession of petitioner's immovable property mortgaged in lieu of the loan. Immediately thereafter i.e. on 15/12/2021, petitioner deposited further amount of Rs.2,00,000.00 with the respondents- bank. In this manner, the petitioner till date has re-paid total amount of Rs.9,14,520.00 towards the loan account.

(3.) I have heard learned counsel for the parties and gone through the case file. Learned counsel for the petitioner submits that the petitioner is ready and willing to settle his entire loan account provided he is given some reasonable time to do that and the Bank may consider his proposal at Annexure P-3 for compromise settlement in terms of its policy. Learned counsel for the respondents/bank is not averse to adopting this course.