The petitioner, who is a defaulter in the payment of amount due to the Bank had come forward with this writ petition.

2. The petitioner had committed default in the payment of amounts due to the Bank, the Bank had instituted suit before the Debt Recovery Tribunal, Chennai and the same was subsequently transferred to Debt Recovery Tribunal, Coimbatore in T.A.No.1370 of 2002. The petitioner had approached the Bank for One Time Settlement under OTS scheme and as per the same, he was permitted to remit a sum of Rs.1,05,98,428/-as against the outstanding of Rs.1,71,00,428.78p with condition to pay Rs.75 lakhs on or before 30.06.2006, the balance amount of Rs.30,98,428/-on or before 31.03.2007, 10.25% interest for payment of the compromise amount and in the event of default, entire dues with upto date interest will be payable to the Bank before the Debt Recovery Tribunal. Though the petitioner agreed to pay, he could not pay the amount. He paid only Rs.10 lakhs on 30.06.2006 and he would also contend that inspite of the best efforts, he has neither paid nor sold the property. Therefore, he again made a representation on 111. 2006 offering to pay a sum of Rs.65 lakhs and settle