The High Court dismissed the writ petition as the petitioner failed to comply with the One Time Settlement terms with the bank, denying any extraordinary jurisdiction.
Writ petition dismissed; petitioner not entitled to indulgence.
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Court No. - 29
Case :- WRIT - C No. - 33080 of 2019
Petitioner :- Prem Mohan Singh Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Diwakar Tiwari Counsel for Respondent :- C.S.C.,Tarun Varma
Hon'ble Pankaj Mithal,J. Hon'ble Vivek Agarwal,J.
Heard learned counsel for the petitioner and Sri Tarun Verma, who has accepted notice on behalf of Oriental Bank of Commerce.
After an order dated 8.8.2018 was passed under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the petitioner entered into 'One Time Settlement' with the Bank for clearing of entire outstanding dues on 29.10.2018. The parties agreed to clear the dues of Rs. 45 lakhs and the said amount was payable within six months. The petitioner in pursuance of the above 'One Time Settlement' has only paid Rs. 12 Lakhs and submits that he may be allowed some more time for the payment of rest 33 Lakhs rupees. The 'One Time Settlement' clearly provides that in case of any default in any payment of the settlement amount, all the concession allowed in the settlement shall stand withdrawn by the Bank automatically and the Bank shall be entitled to recover the entire dues outstanding with up to date interest by taking recourse to proceed under the law.
In view of the aforesaid facts, we do not deem fit to exercise our extraordinary jurisdiction in favour of a person who has even failed to comply with the terms and conditions of the 'One Time Settlement'. In case the petitioner wants, he may approach the Bank in this regard, but he is not entitled to any indulgence by the Court. The writ petition is accordingly dismissed.
Order Date :- 21.10.2019 S.K.S.
1 issue framed by the court
Whether a relief can be granted to the petitioner when he has failed to comply with the terms of the One Time Settlement?
Prem Mohan Singh
State Of U.P.
Oriental Bank of Commerce
Pankaj Mithal
Vivek Agarwal
As recorded by the court registry
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