Renji Prasad vs Uco Bank

The learned counsel for the petitioners who happens to be a guarantor and the borrower submits that as per the notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate, possession of the secured asset is scheduled to be taken on 25/03/2021. The learned counsel for the petitioners on instructions makes a statement that petitioners will be approaching the respondent Bank on 25/03/2021 with their fresh offer for one time settlement of all loan accounts and will request the respondent Bank to take decision on their proposal within a period of one week. The learned counsel for the respondent submits that if the petitioners approaches the respondent Bank with their fresh offer under one time settlement by 25/03/2021, the same will be decided within a period of one week from tomorrow.

The learned counsel for the petitioners, on instructions of petitioners makes the following statements-That the petitioners shall abide by the decision taken by the respondent Bank on their application of one time settlement, they will not question that decision in any Court or Forum, if the petitioners fails to comply the decision on their application for one time settlement, they shall hand over possession of the secured asset from tenth day from today to the respondent/secured creditor.

In view of statements made by learned counsel for both parties, the writ petition is disposed of by accepting those statements. The respondent is directed to keep the coercive action of recovery of possession in abeyance till tenth day from today. This Court hope and expect that the request for one time settlement made by the petitioners shall be considered by the respondent Bank sympathetically, according to the prevalent rules. The learned counsel for the petitioners to supply copies of this judgment to the respondent Bank for compliance. Parties to act on authenticated copy of this judgment.