AI Structured Summary
Not yet generated for this judgment
Judgment
Petitioners have sought for a direction to the Respondent to consider ''One Time Settlement'' proposal submitted by the Petitioners. They have also sought for direction to the Respondent to communicate to the Petitioners, its indication of amounts that may be acceptable to the bank as ''One Time Settlement'' from the Petitioners.
The records reveal that the Petitioners have borrowed certain sums of money and those amounts are not paid. Petitioners have approached Debt Recovery Tribunal and have failed. According to the Petitioners, they have been making representations to consider their prayer for ''One Time Settlement'' since long time.
Sri Narendra Dev, learned advocate appearing for the Petitioners submits that the Petitioners'' proposal for ''One Time Settlement'' is not effectively considered by the bank though the Petitioners'' case needs to be considered as per RBI Guidelines, inasmuch as the Petitioners'' case is yet to be considered as per RBI Guidelines.
The writ petitions are opposed by Sri Veeresh Kumar, Sivasali, learned Counsel appearing for the Respondent-bank by inter alia contending that the prayer of the Petitioners relating to ''One Time Settlement'' is already rejected by the Respondent-bank on 12.3.2010 as per Annexure-R produced along with the statement of objections. The proposal of the Petitioners is considered by Respondent as per the RBI Guidelines.
The document at Annexure-R produced by the Respondent no doubt reveals that the Respondent has declined the offer of the Petitioners. The reason assigned by the Respondent is that the property secured is worth more than the amount which is in due.
This Court, at this stage, does not wish to comment anything on merits of the matter. It is for the Respondent-bank to consider the proposal of the Petitioners in accordance with RBI guidelines.
Be that as it may, this Court is of the opinion that an opportunity may be given to the Petitioners to approach the Respondent-bank by making the proposal relating to ''One Time Settlement'', within four weeks from today. If such a proposal is made, the same shall be considered in accordance with RBI Guidelines by the Respondent. It is also open for the Respondent to indicate the amounts that may be acceptable towards ''One Time Settlement'', to the Petitioners, if the Petitioners are entitled to "one time settlement scheme",
With the aforesaid observations, the writ petitions are disposed of.