Thereafter, some proceedings went on before the BIFR and ultimately, the respondent approved an One Time Settlement Scheme (hereinafter referred to as 'OTS Scheme' in short) dated 10.12.2012, under which, a sum of Rs.440.10 Lakhs to be paid by the petitioner. Thereafter, before sanctioning OTS, the petitioner Company sent a letter dated 10.04.2012 to the respondent stating that the market value of the primary and collateral security is very much less than 50% of the term loan principal's outstanding to the SIPCOT. The petitioner Company requested the respondent to charge simple interest at 8% p.a., to the principal outstanding of Rs.191.5 Lakhs as per O.O.No.7 of 2005 dated 24.05.2005, since the petitioner Company comes under the Category-I. But the respondent, contrary to the O.O.No.7 of 2005 dated 24.05.2005, charged interest at 12% p.a., in the OTS proposal dated 10.12.2012. Immediately, the petitioner Company made a request through its letter dated 26.11.2012 requesting the respondent to furnish statement of the term loan account and also further requested to furnish a valuation report. Thereafter, the petitioner Company requested the respondent to grant one month time for payment of 25% of OTS amount. The respondent herein in his letter, dated 02.01.2013 rejected the request
