FIROZ AKHTAR Vs. UCO BANK

JUDGEMENT

(1.) The present writ petition is taken up today through Video conferencing.

(2.) The present writ petition has been filed for issuance of direction upon the respondent nos.3 and 4 to regularize the One Time Settlement (in short "OTS") arrived between the petitioner no.1 and the respondent 30th no.4 vide letter no.UCO/Giridih/Settlement/2019-20 dated September, 2019 (Annexure-3 to the writ petition), whereby a sum of Rs.3,70,000.00 was decided to be the settlement amount payable by the petitioner no.1 subject to adjustment of upfront amount of Rs.40,000.00 paid on the said date i.e., 30/9/2019 and on payment of rest amount i.e., Rs.3,30,000.00 along with recovery charge by 15/11/2019. Further prayer has been made for issuance of direction upon the respondent Bank to accept the remaining amount of OTS as well as interest on the outstanding amount under the OTS for the default period as per the norms of the Reserve Bank of India.

(3.) Heard learned counsel for the parties and perused the content of the writ petition.