T. Vaiphei, J.

1. In this writ petition, the petitioner is praying for directing the respondent Nos. 2 and 3 to consider and accept the application dated 30-3-2000 filed by it for one time settlement of its outstanding dues under the One-Time Settlement Scheme of Reserve Bank of India in accordance with the judgment of the Apex Court in Sardar Associates v. Punjab & Sind Bank, (2009) 8 SCC 257. The petitioner who claims to be a public charitable trust, was established in the year 1999 and was duly so registered. The trust was established, among others, for rendering services in the field of education, development, relief and relief to the poor irrespective of caste, creed, race, religion or language. In order to achieve its objects, the petitioner decided to establish a college under the name and style of "Shillong Engineering and Management College". The Government of Meghalaya in the Education Department accorded its permission for the establishment of the said College. Similarly, the All India Council for Technical Education (AICTE), New Delhi also accorded its approval for 180 seats in the three Course up to the Degree level. The petitioner claims that it is the first private sector Engineering College in the entire North Eastern Region without any Government grant-in-aid or financial contribution from the Government. For establishing the college, it purchased a huge plot of land covering an area of 26 acres near Jorabat in the Ri-Bhoi District and accordingly constructed the college campus, etc. It then approached the Regional Chief, HUDCO Ltd. (respondent No. 3) for extending a term loan of Rs.6.00 crores, and was assured of the release of Rs.2.00 crores by way of first installment against the mortgage of the 26 acres of land in terms of the agreement of loan executed on 30-1-2004, for which it had handed over 100 numbers of duly signed blank cheques drawn from Vijaya Bank in favour of the respondent No. 3 against the term loan of Rs.2.00 crores. According to the petitioner, till the month of January, 2004, it had spent a total of Rs.2.33 crores on account of construction of the infrastructures such as the college building, etc. Though the respondent No. 3 was required to release the loan amount in 4 installments within a period of 10 months i.e. 1-10-2004, the loan was released in 6 installments spreading up to 16 months, that too, after persistent and constant reminders.

2. It is also the case of the petitioner that in the month of December, 2004, the petitioner applied to the respondent No. 3 for another loan amounting to 2.00 crores, but was granted only Rs.188.00 lakhs for construction of hostels and staff quarters through the loan agreement dated 5-12-2005, but the loan amount was never released despite repeated reminders. Finally, it requested for waiver of interest and penalty and for the release of Rs.188.00 lakhs vide its letter dated 2-3-2009 and also submitted an application for One Time Settlement (OTS) of the loan on 30-3-2009 along with a demand draft of Rs.50,000/-. In order to expedite the matter, it had sent a sum of Rs.1.00 lac by demand draft in favour of the respondent No. 4 (The Chairman & Managing Director, National Housing Bank) with a request to finalise the OTS offer to enable it to make necessary payments vide the letter dated 25-7-2009. Notwithstanding such application, the respondent No. 3 in violation of the OTS guidelines and circular of the National Housing Bank issued to the Housing Finance Companies, (HFCs) without the knowledge of the petitioner, lodged three post-dated cheques amounting to Rs.2,31,22,320/- (which had been handed over by the petitioner to respondent 3 in advance for payment of monthly installments of the loan) with the Bank knowing quite well that it would not be honoured as there was no sufficient balance, which obviously got bounced and thereafter issued the notice dated 8-9/1/2010 under Section 138 Negotiable Instruments Act. Despite repeated reminders, the res