JUDGMENT

The petitioner has availed credit facilities from the 1st respondent Bank. On default being committed by the petitioner, the proceedings have been initiated for recovery of the amounts due from the petitioner.

2. When this matter is taken up for consideration today, it is the submission of the learned counsel for the petitioner that, presently, there is an One Time Settlement Scheme in force (Ashwas 2026) and the petitioner may be permitted to approach the Bank to settle the liability under the One Time Settlement Scheme.

3. Heard the learned counsel for the appearing for the 1st respondent Bank also.

4. Having heard the learned counsel appearing for the petitioner and the learned counsel appearing for the 1st respondent Bank, I am of the opinion that this writ petition can be disposed of permitting the petitioner to approach the 1st respondent Bank with an application for One Time Settlement Scheme. If the petitioner files an application for One Time Settlement within a period of ten days from today, such application shall be considered by the competent authority of the 1st respondent bank and the petitioner shall be informed of the amount to be paid by the petitioner in terms of the provisions contained in the One Time Settlement Scheme. If the petitioner files the application for the One Time Settlement Scheme within a period of ten days from today, further coercive steps against the petitioner shall stand deferred till a decision is taken on the application for One Time Settlement by the competent authority. It is further made clear that, if the petitioner does not comply with the OTS offered to him, it will be open to the 1st respondent Bank to continue the recovery proceedings initiated against the petitioner.

Writ petition is ordered, accordingly.