JUDGMENT :

(Prayer: Writ Petition filed Under Article 226 of the Constitution of India, to issue a Writ of Certiorarified Mandamus, calling for the records of the 2nd respondent in the letter IIBI:CO: 439: 11 dated 07/03/2011 and quash the same and direct the respondents to accept the one time settlement for sum of Rs.14 lakhs and release all the documents from the respondents Bank to the petitioner.)

1. The writ on hand has been instituted, questioning the order dated 07.03.2011 and direct the respondents to accept the one time settlement for a sum of Rs.14 Lakhs and release all the original documents belongs to the petitioner from the respondent Bank.

2. The petitioner is a private limited company registered with the Registrar of Companies Act in the year 1978. The Company is in the business of extracting oil from rice- bran.

3. Admittedly, the petitioner borrowed a sum of Rs.62 Lakhs by way of loan from the second respondent- Industrial Investment Bank of India Ltd. The petitioner had committed a default in repayment of their installments and actions were initiated by the second respondent-Bank. The Bank was also facing some financial issues during the relevant point of time and adm