S. MANIKUMAR, J.

A former DGM (COBA), BSNL Chennai Telephones, Chennai, has obtained a loan of Rs.39.50 Lakhs on 12.03.2009 for purchase of a Flat. Value of the flat was fixed as Rs.44 Lakhs. Amount has to be repaid in 96 installments. Each installment was fixed at Rs.61,000/-. The borrower has defaulted in making repayments. Hence, the Bank has initiated proceedings in O.A.No.89 of 2011, before the Debts Recovery Tribunal-II, Chennai, for recovery of Rs.48,42,016.07p. The Tribunal has issued an order of attachment on 02.02.2015 in DRC No.129 of 2012 in O.A.No.89 of 2011. Thereafter, petitioner has sent a letter dated 01.02.2016, to the Manager, Union Bank of India, Chennai, stating that he had already paid a sum of Rs.10 Lakhs and that he is prepared to settle the loan amount. He has sought for waiver of interest.

2. Further, on receipt of a letter dated 08.03.2016 from BSNL-Chennai Telephones, his employer, the petitioner has sent a reply dated 21.03.2016, stating that from the beginning, he intended to pay the bank dues. In the said reply dated 21.03.2016 addressed to the Deputy General Manager (Finance) HQ, O/o. CGM, BSNL Chennai Telephones, Chennai, the petitioner has req