1. This Writ Petition challenges the order passed by the Management Committee of Union Bank of India rejecting the request made by the petitioner to condone the delay in complying with the conditions of one time settlement and to extend the time for payment, as per the recovery policy of the Bank and in the light of the guidelines framed by the Reserve Bank of India.

Background facts :-

2. M/s. A.D. Jeyaveerapandia Nadar & Brothers and their sister concern M/s. A.R.J. Textiles Pvt. Ltd., took over a sick unit from Small Industries Corporation of Tamil Nadu. The sick unit was engaged in processing of fabrics. The Company was renamed as M/s.Narmada Textiles Processing Mill Private Ltd. Since the promoters were known to the Bank and in view of their long standing banking relationship since the year 1982, the Bank sanctioned term loan and working capital loan to the new concern towards its expansion cum modernization. Subsequently, during the year 1999, the existing Companies promoted by A.D. Jeyaveerapandia Nadar & Brothers, A.R.J. Textiles Pvt. Ltd. and Narmatha Textiles Processing Mills Pvt. Ltd., were all merged under a single group and was named as M/s.Narmada Textiles Lt