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Judgment
Arindam Sinha, J
Mr. Sarangi, learned senior advocate appears on behalf of petitioner and submits, his client obtained One Time Settlement (OTS) facility from the bank. There was delay in paying under the facility. He refers to letter dated 24th September, 2021 issued by the Chief Manager saying that payment beyond 90 days would attract interest at 10% p.a. simple from date of approval till final payment. He submits, since his client will have to pay interest, Court direct the bank to accept the payments in installments, to be paid in full six months from date.
Mr. Kar, learned advocate appears on behalf of the bank and submits, there be direction for petitioner to liquidate under the facility by extended date expiring on 30th September, 2022.
Petitioner must comply with direction given by the bank on extension of the facility till 30th September, 2022, on payment of the extra charge of interest at 10% p.a. as communicated by said letter dated 24th September, 2021.
The writ petition is disposed of.
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