The court's decision emphasized the importance of fulfilling undertakings and directed the respondent Financial Institution to accept the One-Time Settlement proposal and take necessary actions upon receipt of the remaining amount.

ORDER :

1. In this petition, which is filed under Article 226 of the Constitution of India, the petitioner has prayed that the respondent Financial Institution be directed to accept the One-Time Settlement proposal (OTS) produced by the petitioner at Annexure-A of the compilation.

2. Heard learned advocate Mr. N.V. Gandhi for the petitioner and learned advocate Mr. Dhruvik Patel for the respondents.

3. Learned advocate for the petitioner referred the averments made in the memo of the petition and, thereafter, contended that as per the last demand notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act” for short), the respondent Financial Institution had calculated the outstanding loan amount of the petitioner at Rs.4,46,39,961.11 payable as on 08.08.2019. Learned advocate has referred Paragraph-11 of the memo of the petition. It is further submitted that the petitioner has shown willingness to pay the amount of approximately Rs.4,39,00,000/- as per the OTS proposal given by it on 09.03.2020. Copy of the said application is placed on record at Page-29 of the compilation. At this stage, learned advocate Mr. Gandhi appearing for the petitioner has referred the order dated 21.10.2020 passed by this Court while issuing notice, which reads as under :

“Heard learned advocate Mr. N.V. Gandhi for the petitioner through video conference.

Learned advocate Mr. Gandhi has placed on record the additional affidavit pursuant to the order dated 12th October 2020 suggesting the schedule of payment of Rs.3,67,51,639/-. According to the schedule of payment, the amount shall be repaid in six installments before 16th March, 2021.

Considering the above facts, issue Notice returnable on 4th November, 2020 on a condition that the first installment of Rs.1,00,00,000/-(Rupees One Crore only) shall be deposited by the petitioner with the Registry of this Court as per the schedule.

Registry is directed to accept the amount to be deposited by the petitioner.

Registry is directed to provide a copy of writ of this order to learned advocate for the petitioner through email so as to enable him to serve the same upon the respondents through Email/ RPAD. Direct service is permitted.”

3.1 It is also pointed out that thereafter, this Court has passed another interim order dated 09.12.2020, which reads as under :

“Heard learned advocate Mr. N.V. Gandhi for the petitioner and learned advocate Mr. Dhruvik K. Patel for the respondents through video conference.

Learned advocate Mr. Gandhi states that the petitioner is ready to deposit the amounts stated in the Schedule in the additional affidavit filed by the petitioner. However, the respondents are not accepting the amount and therefore, the petitioner could not deposit the installments of Rs.50,00,000/- each on 16th November, 2020 and 16th December, 2020.

On the other hand, learned advocate Mr. Patel states that the respondents are ready to accept the amount to be deposited by the petitioner, which will be kept in a separate account, during the pendency of this petition.

Be that as it may, the petitioner is hereby directed to deposit the amount of Rs.1,00,00,000/-(Rupees One Crore only) on or before 24th December, 2020 before the respondents and the balance installments which fall due on 16th January, 2021 and 16th February, 2021 are also to be deposited with the respondents and the respondents are directed to keep the amount to be despited by the petitioner in a separate account.

Stand over to 18th February, 2021.”

3.2 Thereafter, learned advocate Mr. Gandhi submitted that till today, the petitioner has deposited an amount of Rs.1,00,00,000/- before the Registry of this Court vide the interim order dated 21.10.2020 passed by this Court and the remaining amount of approximately Rs.2,67,00,000/- + Rs.42,50,000/- is deposited with the respondent Bank. The said aspect has been verified by the learned advocate Mr. Dhruvik Patel from th