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Judgment
Mr. Ashish Das Gupta, Managing Director of the petitioner/Company is present. He states that pursuant to the order dated 21.09.2017, he has
interacted with his strategic investors and is confident that the petitioners shall be able to deposit a sum of Rs. 75 lakhs with the respondent/Bank i.e.
the OTS offer, if given a period of 60 days, reckoned from 31.10.2017.
He further states that to show its bona fides, the petitioner/Company had deposited a sum of Rs. 6 lakhs with the respondent No. 3/Bank, which
fact is confirmed by the other side.
It is stated that 50% of the OTS amount, less the amount already deposited with the respondent No. 3/Bank shall be tendered by the petitioner to
the Bank on or before 31.10.2017 and the remaining 50%, on or before 31.11.2017.
Immediately, on receipt of the OTS amount of Rs. 75 lakhs, the respondent No. 3/Bank shall release all the securities and guarantees etc deposited
by the petitioner and issue a No Dues Certificate.
The petition is disposed of.