Petitioner challenged SARFAESI proceedings for an unpaid loan. Court directed the Bank to consider the petitioner for One Time Settlement under RBI guidelines and vacated an interim order.
Directed the respondent Bank to consider the petitioner for One Time Settlement in accordance with law and RBI guidelines.
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GAHC010034152022
THE GAUHATI HIGH COURT (HIGH COURT OF ASSAM, NAGALAND, MIZORAM AND ARUNACHAL PRADESH)
Case No. : WP(C)/1335/2022
MEWALAL GUPTA
S/O LATE SITARAM GUPTA, R/O K.B. ROAD, WARD NO. 13, P.O. AND P.S.NORTH LAKHIMPUR-787001, DIST- LAKHIMPUR, ASSAM
VERSUS
THE INDIAN BANK AND 3 ORS
CUSTOMER CARE INFORMATION, SHANMUGAM SALAI, ROYA PETTAH, CHENNAI-600014, TAMILNADU, INDIA (REPRESENTED BY THE DIRECTOR OF THE SAID BANK)
2:THE ZONAL MANAGER INDIAN BANK ZONAL OFFICE 3/1 RN MUKHERJEE ROAD 4TH FLOOR KOLKATA-700001 WEST BENGAL INDIA
3:THE REGIONAL MANAGER INDIAN BANK P.O. AND P.S.-DIBRUGARH-786001 DIST-DIBRUGARH ASSAM
4:THE BRANCH MANAGER INDIAN BANK LAKHIMPUR BRANCH P.O. AND P.S.-NORTH LAKHIMPUR-787001 DIST-LAKHIMPUR ASSA
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Advocate for the Petitioner : MR. S SAHU
Advocate for the Respondent :
BEFORE
HONOURABLE THE CHIEF JUSTICE HONOURABLE MR. JUSTICE SOUMITRA SAIKIA
ORDER
Date : 04.03.2022
Heard Mr. S. Sahu, learned counsel for the petitioner. Also heard Mr. H. Gupta, learned counsel appearing for the respondent Bank.
The petitioner had taken a loan from the respondent Bank in the year 2014, which could not be repaid in time and consequently the account of the petitioner had been declared as Non-Performing Asset (NPA) and proceedings had been initiated against him by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
As submitted by Mr. H. Gupta, learned counsel for the respondent Bank, the total liability of the petitioner is Rs.14,92,439/-, out of which Rs.2,00,000/- (Rupees Two Lakhs) has been paid yesterday, i.e. on 03.03.2022. Therefore, presently the total liability of the petitioner is about Rs.12,00,000/- odd.
We dispose of the writ petition directing the respondent Bank to consider the case of the petitioner for One Time Settlement (OTS) in accordance with law, including the guidelines issued by the Reserve Bank of India in this regard.
Interimorder dated 25.02.2022 is hereby vacated.
JUDGE CHIEF JUSTICE
Comparing Assistant
1 issue framed by the court
Whether the petitioner is entitled to One Time Settlement (OTS) considering partial repayment of the loan liability.
1 provisions across 1 enactments
MEWALAL GUPTA
THE INDIAN BANK
SOUMITRA SAIKIA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
