JUDGMENT

The petitioner had obtained certain credit facilities from the 2^nd respondent Bank and the captioned writ petition has been filed when coercive proceedings were initiated without extending an opportunity for regularising the loan account.

2. Heard Sri.Binoy Vasudevan, the learned counsel for the petitioner, as well as Sri.G.Hariharan, the learned counsel for respondents 2 and 3.

3. The learned counsel for the petitioner points out that the petitioner is ready and willing to file an appropriate application seeking OTS facility and an appropriate direction may be issued to the 2^nd respondent Bank to consider and pass orders on such an application.

Taking note of the submission made as above, this writ petition would stand disposed of permitting the petitioner to file an OTS application before the 2^nd respondent within a period of three weeks from today. If such an application is being filed, needless to say that the 2^nd and 3^rd respondents to consider the same, in accordance with the law as well as the prevailing schemes, within a period of three weeks thereafter.

Sd/-

HARISANKAR V. MENON JUDGE