The petitioner has approached this Court with the following prayers:
“i) To issue a writ of mandamus or any other appropriate writ or order directing the respondents 1 and 2 to allow the petitioner to settle the loan account under One Time Settlement Scheme.
ii) To direct the respondents to drop all further proceedings initiated under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 pursuant to Ext.P1.”
2. The petitioner availed a business loan of `5 lakhs from the respondent Bank on 18.01.2007. Because the default on the part of the petitioner to clear the liability, the Bank proceeded with steps under the relevant provision of law, which was sought to be intercepted by filing WP(C) Nos.8351/2014 & 17143/2014 at different points of time, leading to Exts.P2 & P3 judgments.
3. The learned counsel for the petitioner submits that, the only relief now pressed before this Court is, to permit the petitioner to settle the liability once and for all, under the 'One Time Settlement' Scheme.
WP(c). No. 26972 of 2014 2
3. Learned counsel appearing for the Bank submits on instructions that, the total outstanding liability as on date is `10.5 lakhs. After considering all the relevant facts and circumstances, the Bank has agreed for a settlement, if the petitioner is ready to satisfy a sum of `8.5 lakhs under the OTS Scheme, which has to be effected forthwith.
4. The learned counsel for the petitioner readily agrees to the said proposal.
5. In the above circumstances, the petitioner is required to approach the respondent Bank along with a copy of this judgment forthwith. The due amount as above shall be satisfied within the time to be specified in the order/letter to be communicated to the petitioner. Subject to this, coercive steps shall be kept in abeyance for the time being.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn