JUDGMENT

The petitioner is a guarantor in respect of a loan availed by a proprietary concern named 'PBT Spices' of which one Thankappan was the proprietor. The aforesaid proprietary concern had availed a loan of Rs.11,70,000/- from the respondent bank in the year 2006. The said loan became a Non Performing Asset, leading to initiation of proceedings by the bank under the SARFAESI Act. Those proceedings were challenged by the petitioner before the Debts Recovery Tribunal through S.A. No.799/2010 which is still pending consideration of the Tribunal. The bank, thereafter, filed O.A. No.292/2012, for recovery of a sum of Rs.18,32,308/- along with future interest and costs from the aforesaid proprietary concern. The said O.A. is also pending consideration before the Tribunal.

2. While matters stood thus, at the instance of the petitioner, the respondent bank granted an offer for One Time Settlemen