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A.RAJASHEKER REDDY, K.LAKSHMAN
Thirumala Enterprises – Appellant
Versus
State Bank Of Indian – Respondent
JUDGMENT
K. Lakshman, J. - This Writ Petition is filed to declare the e-auction notice dated 03.06.2020 published by the respondent - Bank, proposing to conduct sale on 10.07.2020, as illegal.
2. Heard Sri Rapolu Bhaskar, learned counsel for the petitioners and Sri Meher Prasad, learned counsel for the respondent bank.
3. It is contended by Sri Rapole Bhaskar, learned counsel for the petitioners that they have availed a loan of Rs.2.00 crores from the respondent bank by executing all the necessary loan documents and creating equitable mortgage by depositing original title deeds of the properties. Since there was default in payment of regular Equal Monthly Installments (EMI) within the stipulated time, the respondent bank has declared the account of the petitioners as non-performing account (NPA). The respondent bank vide its letter dated 16.08.2018 has informed the petitioners that the petitioners are eligible for One Time Settlement (OTS) scheme of an amount of Rs.2,77,95,629/- subject to the terms and conditions stipulated in the said OTS proposal. Accordingly, the petitioners have submitted a letter accepting the said OTS proposal and paying 5% of the OTS amount i.e. Rs.14,00,000
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