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Judgment
1.,"Rs. 13,00,000/-","by way of deduction on 30.01.2002
against interest.
2.,"Rs. 50,98,500/-","through Demand Drafts variously from
26.07.2002 to 17.11.2008.
3.,"Rs. 38,16,000/-","total subsidy amount credited on
31.03.2002 and 01.06.2004.
,"Sub Total: Rs. 1,02,14,500/-",(Annexure-7) (Page-54)
4.,"Rs. 10,00,000/-","by way of minimum subscription for
OTS- 2009 paid on 26.08.2009 (Page-62)
,"Grand Total- Rs. 1,12,14,500/-",
Similarly, he refers to the following provisions of the said OTS-2009 -",,
“THE SCHEME,,
OTS-2009 (Term Loan settlement amount),,
In all such cases fulfilling eligible criteria as per OTS- 2009 (Term Loan) as laid down at 1 a)/b)/c) above, the OTS-2009 (Term Loan) settlement",,
amount shall be the POS as on 30/6/2009 plus a one time concessional rate of interest at 10% of POS. Other Charges for legal cases, advertisement",,
etc as prescribed by BICICO time to time will also be payable with the above OTS settlement amount.,,
Settlement below POS will not be considered. Subsidy amount will not be considered as payment towards OTS-2009 (Term Loan) while working out,,
POS as on 30/6/2009. NO REFUND IN ANY CASE SHALL BE ALLOWED UNDER OTS-2009 (Term Loan).â€,,
It is therefore submitted that it has been expressly provided that subsidy amount shall not be considered for the purposes of OTS-2009. In other,,
words, the amount of subsidy of Rs. 38.16 lakhs sought to be adjusted by the petitioner to bring up the total payment to cover the entire settlement",,
amount of Rs. 99.80 lakhs, is on the face of it untenable as it is only the payments made by the petitioner but excluding subsidy that requires to be",,
considered for considering the total payments made in satisfaction of the settlement amount.,,
Having heard the parties and on consideration of the materials on record, I find merit in the writ petition. It is not in dispute that the petitioner",,
applied for the OTS-2009 and upon demand by the respondent-BICICO, the minimum subscription of 10% amounting to Rs. 10 lakhs was duly paid by",,
the petitioner in order to participate in OTS-2009. The core dispute between the parties is limited to the question whether or not the petitioner was,,
entitled to be granted the benefit of the subsidy amount of Rs. 38.16 lakhs to be adjusted by way of payment towards the OTS-2009 for the purposes,,
of determining whether the entire settlement amount was paid within the cut-off date of 30.09.2009 in accordance with the OTS-2009. I am of the,,
view that the submission of the respondent-BICICO proceeds on a misreading of the OTS-2009 (Page-88). The definition of POS relied upon by,,
BICICO to submit that subsidy amount was not to be considered for purposes of OTS- 2009 is clearly misconceived. A bare perusal of the definition,,
of POS in Clause 2(b) referred to by BICICO makes it clear that the subsidy amount was to be excluded only for purposes of working out POS. This,,
is clear also from the subsequent provision which reiterates that subsidy amount will not be considered as payment towards OTS-2009 (Term Loan),,
while working out POS as on 30.06.2009. Nothing has been pointed out from the OTS-2009 to show that subsidy amount was to be excluded entirely,,
and for all purposes while reckoning the payments made by the petitioner. As a matter of fact the respondent-BICICO on being required by this Court,,
to give a proper calculation of the payments made by the petitioner, has enclosed a chart comprising Annexure-C of the second supplementary",,
counter affidavit, according to which it is admitted that the total payment made by the petitioner stood of Rs. 112.11 lakhs which includes Rs. 38.16",,
lakhs by way of subsidy.,,
Having regard to the Scheme of OTS-2009 and particularly that the subsidy amount is required to be excluded only while working out POS and not,,
for all purposes thereof, I am therefore of the view that the total payments made by the petitioner would include adjustment by way of subsidy amount",,
of Rs. 38.16 lakhs, which adequately covered the required amount of Rs. 99.80 lakhs by way of settlement amount under the OTS-2009 and the",,
benefits thereof had to be granted to the petitioner.,,
The writ petition is disposed of with a direction to the respondent-BICICO to proceed in the matter in the light of the observations and directions,,
hereinabove and after granting the benefit of OTS-2009 to the petitioner.,,