W.P.(C). No. 4439 of 2016
02.05.2016 Heard Mr. S.K. Sarangi, learned counsel for the petitioner as well as Mr. B.N. Udgata,
learned counsel for the opposite party-Bank and perused the record.
The petitioner had taken a loan from the opposite party-Bank. Since there was default i
n repayment of the loan amount, the opposite party-Bank initiated proceedings under Section 13
(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security I
nterest Act, 2002. The same was challenged by the petitioner in W.P.(C) No.2074 of 2013, which
was disposed of on 27.06.2013 with the direction that the petitioner may approach the opposit
e party-Bank for One Time Settlement of the loan account after depositing a sum of Rs.3,50,000
/-. In the meantime, during pendency of the said writ petition, the opposite party-Bank has al
so filed O.A. No.193/2013 before the Debt Recovery Tribunal for recovery of the amount over Rs
.25,000,00/-. Pursuant to the order dated 27.06.2013 passed in W.P.(C) No.2074 of 2013, the pe
titioner deposited the requisite amount and his application for One Time Settlement was consid
ered by the Bank. On 29.12.2015 the Bank asked the petitioner to raise the offer for One Time
Settlement to Rs.20,000,00/- and the repayment period be confined to six monthly installments
starting from January, 2016. The petitioner states that he was negotiating with the Bank with
regard to the aforesaid communication dated 29.12.2015, but has not made any offer incomplian
ce thereof in writing.
