VIJAY JAIN Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) HEARD counsel for the petitioners. In view of order this court intends to pass for the present it is not necessary to hear the respondents for the present.

(2.) THE petitioner has challenged auction notice dated 23.6.2001 Issued by Debt Recovery Tribunal, Patna. Further prayer has been made to direct the respondent Central Bank of India to enter into and honour one time settlement with the petitioners pursuant to the Reserve Bank of India guidelines.

(3.) ACCORDING to petitioners they intended to pay back the limited liability and wanted to compromise the matter with the Central Bank of India (for short, CBI). Jam -shedpur Branch. The Branch Manager of the Bank at Jamshedpur by its letter dated 30th March 2001 also agreed to such compromise but instead of allowing six months period, a short time of seven days was allowed to pay back the dues against the policy decision of Reserve Bank of India.