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Judgment
Consequent to the default committed by the petitioner in repayment of the loan availed from the 4th respondent Bank, revenue recovery proceedings were initiated by the Bank for realisation of the debt. The petitioner seeks for grant of possible deductions by the Bank on the interest and other charges, and also an instalment facility to close the account.
Heard the learned counsel for the petitioner as well as the learned standing counsel for the Bank.
Learned standing counsel for the Bank points out that a One Time Settlement facility is in vogue till 31.12.2020 and the petitioner can avail the benefits of the scheme. The petitioner expresses his willingness for the same.
Accordingly the writ petition is disposed of directing the petitioner to approach the 4th respondent Bank with an application under the One Time Settlement scheme, within a period of one week from today. The 4th respondent Bank shall consider and pass appropriate orders on the application granting all possible benefits to the petitioner. Such orders shall be passed within a period of ten days from the date of receipt of the application. The RR proceedings will stand withdrawn for the present. If the petitioner fails to honour the terms of the one time settlement so offered, it will be open for the Bank to continue the recovery proceedings.
The writ petition is disposed of as above.