A. ARUMUGHASWAMY, J.

1. The Company Application is filed by the applicant to issue suitable direction to the 7th respondent Canara Bank to accept the payment of Rs.32,72,000/- as one time settlement.

2. In the affidavit filed in support of the application, it is averred that the applicant is a shareholder in M/s.Jayalakshmi Mills (P) Limited holding 1104 shares out of the total 7000 equity shares which was wound up by the orders of this Court dated 24.8.1991 and during April, 2004, the Official Liquidator, the 1st respondent herein brought the immovable property of the said mill for public auction. At that time, the applicant filed a C.A.No.564/2004 and obtained an order of interim stay of the said auction and also directed the Directors to pay a substantial amount to the credit of the above C.P. It is further averred that the 7th respondent herein had extended certain credit facilities to the Mill and Rs.32,72,000/- is outstanding during the year 1991 and the O.A. Filed by the bank in this regard has been transferred to the Debts Recovery Tribunal, Coimbatore and numbered as T.A.1096/2002. Since the Reserve Bank of India has issued a Circular dated 3.9.2005 to all the Publ