JUDGMENT

M.S. Ramachandra Rao, J. - In this Writ Petition, the petitioners have prayed for the issuance of a Writ in the nature of Mandamus, directing the respondents-Bank to accept the Demand Draft of Rs. 3.80 Lakhs for payment of the balance OTS amount and allow application dt. 21.07.2018 (Annexure P-7) for extension of time upto 31.10.2018 for payment of balance amount of OTS along with interest for the delayed period.

2. The petitioner No.1 is a proprietary concern of which the petitioner No.2 is the proprietor.

3. The petitioner No.1 and was sanctioned a term loan of Rs. 98 Lakhs on 28.02.2011 by the respondent Bank for establishment of a shuttering material store.

4. The loan facility was secured by hypothecation of fixed asset, and the loan was repayable in 57 monthly installments of Rs. 1,71,930/- plus interest w.e.f. 01.07.2011. According to the petitioners, the said loan was sanctioned as per the Self Employment Scheme of Government of India.

5. Initially, according to the petitioners, the business ran well and certain installments were paid by the petitioners towards the loan, but builders to whom the petitioners supplied the shuttering material did not pay the rentals, and d