JUDGMENT :

When the loan account of the petitioner was declared as a non performing asset, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the Act') were initiated. While steps for enforcement of the security interest were being carried on, a one time settlement scheme (for short ‘OTS’) was offered to the petitioner by the respondents, which was accepted. The dispute in this writ petition arises from the failure of the petitioner to comply with the terms of the OTS scheme in its entirety.

2. The liability of the petitioner arose under an overdraft facility granted by the 3rd respondent. When default occurred, securitisation proceedings were initiated against the petitioner. Subsequently, a scheme for OTS was offered to the petitioner, referred as 'the SBI OTS 2020' as per Ext.P2 dated 20-10-2020.

3. Under the scheme for one time settlement offered to the petitioner, Rs.1,07,81,341/-(for short, 'OTS amount') was fixed as the total amount of settlement payable. The scheme envisaged payment of the amounts in four tranches. The first tranche of payment was 5% of the OTS amount to be paid for processing