JUDGMENT :

Bhargav D. Karia, J.

1. Heard learned advocate Mr. Zubin Bharda for the petitioner, learned Assistant Government Pleader Mr. Dhawan Jayswal for the respondent-State and learned advocate Mr. Anand B. Gogia for respondent No. 3 through video conference.

2. This Court passed the following order dated 24.01.2022:

"Heard learned advocate Mr. Zubin F. Bharda for the petitioner, learned Assistant Government Pleader Mr. Trupesh Kathiriya for the respondent Nos. 1 and 2 and learned advocate Mr. Anand B. Gogia for the respondent No. 3-Bank who appears on advance copy.

1.1. Learned advocate Mr. Bharda submitted that the petitioner is ready and willing to take benefit of One Time Settlement (OTS) proposal given by the respondent No. 3-Bank by letter dated 17th January, 2022 (page No. 56) under SBI OTS Scheme 2021 to the petitioner.

1.2. Learned advocate Mr. Bharda further states that the petitioner shall file necessary proposal along with the undertaking before this Court within a period of one week from today.

2.1. Learned advocate Mr. Gogia, under instructions from the respondent No. 3-Bank, submitted that if the petitioner is ready and willing to take benefit of the SBI OTS Scheme 2021 as per the proposal given by the Bank vide letter dated 17th January, 2022, the respondent No. 3-Bank shall not take any action for taking possession of the mortgaged property of the petitioner for recovery of the dues of the respondent No. 3-Bank amounting to Rs. 31,13,15,215.41/- as on 31.03.2021.

2.2. Learned advocate Mr. Gogia has also tendered an affidavit of the respondent No. 3-Bank to the above effect. The same is ordered to be taken on record.

3. In view of the above submissions, issue Notice, returnable on 1st February, 2022. Learned Assistant Government Pleader Mr. Trupesh Kathiriya waives service of notice for respondent Nos. 1 and 2 and learned advocate Mr. Gogia waives service of notice for respondent No. 3.

4. Learned Assistant Government Pleader Mr. Kathiriya shall inform the respondent Nos. 1 and 2 not to take possession of the property of the petitioner in view of the statement made by learned advocate Mr. Gogia. To be listed on top of the Board"

3. The respondent-Bank filed short affidavit raising preliminary objection with regard to maintainability of the petition and it is further averred in the affidavit that the petitioner has not correctly stated the facts.

4. Learned advocate Mr. Bharda invited the attention of the Court to the undertaking filed on behalf of the petitioner on 30.01.2022 which reads as under:

"I, Ashish Chandravadan Patel, Director of Cengres Tiles Limited, A Company registered under the Companies Act, 1956, having its Registered and corporate office situated at D/401, Gan 2sh(sic) Meridian, Opposite Gujarat High Court, Sola, S.G. Highway, Ahmedabad, petitioner herein, as undertaken before this Hon'ble

Court submit the undertaking which is as under:

1. The petitioner Company Cengres Tiles Ltd., has submitted a proposal before the Respondent No. 3/State Bank of India, Stressed Assets Management Branch, in response to the proposal received from the Bank dated 17.01.2022 informing the petitioner Company that the dues of the petitioner company to the Bank are eligible for settlement under the SBI OTS Scheme, 2021. The petitioner upon acceptance of the proposal submitted by it to the Bank will be making good the OTS amount as per the offer made by the petitioner, which is in accordance with the terms and conditions mentioned in the SBI OTS Scheme, 2021. Hereto annexed and marked as Annexure - A is the copy of the proposal submitted by the petitioner to the State Bank of India, Stressed Assets Management Branch for availing the SBI OTS Scheme, 2021, which also includes proposal to be given to the Axis Bank, which is the second bank under the consortium of Bank, which the petitioner also is ready and willing to discharge the liability upon acceptance of the proposal by the said Bank.

2. The petitioner craves leave of this