O R D E R

This writ petition is filed by the petitioner seeking direction to the respondent bank to consider the petitioner's representation dated 18.02.2021 to relieve of the guarantee and to release the title deeds mortgaged in favour of the respondent.

2. The learned counsel appearing for the petitioner submits that the petitioner is the Guarantor/Mortgagor to the loan availed by M/s.Sree RKS Fashions (P) Ltd in the year 2005. Due to unavoidable business reasons, the loan account has become non performing asset. Since the petitioner has only stood as Guarantor/Morgagor to the loan transaction, she has mortgaged her residential property as security to the said loan transaction. He further submits that the respondent bank has agreed to release her liability on payment of Rs.15,00,000/- towards the loan transaction. Thereby, the petitioner has paid a partial amount of Rs.7,00,000/- to the bank on 25.05.2014. Even after receiving a sum of Rs.7,00,000/-, there was no response from the respondent bank. The petitioner has sent a letter proposing for a one time settlement with regard to discharge of her liability as guarantor. The petitioner has come to understand that an OTS Scheme has been introduced by the respondent bank for closure of pending NPA Accounts.

3. The learned counsel further submits that the petitioner is ready to make the payment which will compensate her liability. The guideline value of the secured asset at present is Rs.15,00,000/- and she is ready to pay a sum of Rs.10,00,000/- as full and final settlement of the loan amount apart from a sum of Rs.7,00,000/- she has already paid. She had also requested the respondent bank to consider her request, but there was no response, she has filed a writ petition in W.P.No.1205 of 2019. This Court vide order dated 21.01.2019 directed the bank to consider and dispose of her representation, but till date, there is no response from bank. Hence, the present writ petition.

4. Learned counsel further prays that this Court may permit the petitioner to participate in One Time Settlement with the respondent Bank, by considering the petitioner's representation dated 18.02.2021 and accordingly pass appropriate orders.

5. The learned counsel for the respondent bank submits that if the petitioner comes to the bank with the proposal for one time settlement, the same will be agreed as per banking regulations and guidelines and appropriate orders will be passed.

6. In view of the above, the petitioner is directed to approach the bank along with a copy of this order and the representation for one time settlement. On such approach being made by the petitioner, the respondent bank is directed to consider the request of the petitioner in terms of the banking regulations and guidelines and pass appropriate orders within a period of twelve weeks from the date of receipt of a copy of this Order.

7. With the above direction, this Writ Petition is disposed of. No order as to costs.

07.08.2024 Vv To The Assistant General Manager, State Bank of India, Siruthozhil Branch, Chetpet, Chennai.

M.DHANDAPANI, J.

Vv

07.08.2024