W.P.(C) No.22124 of 2014

09. 25.04.2017 Heard learned counsel for the petitioner and learned c

ounsel for the opposite parties-Bank.

This writ petition has been filed challenging the notice dated

03.04.2014 (Annexure-1), under Section 13(2) of the SARFAESI Act and the subsequent notice da

ted 22.9.2014 (Annexure-2), under Section 13(4) of the said Act, issued by the opposite partie

s-Bank.

Learned counsel for the petitioner submits that the total outs

tanding amount against the petitioner was Rs.4,52,016/- as on 01.6.2013. In the meantime, the

petitioner has already deposited Rs.1,00,000/- with the Bank, pursuant to the order of this Co

urt dated 20.11.2014. Further the petitioner has deposited Rs.50,000/- with the opposite parti

es-Bank on 24.1.2017. It is submitted that the petitioner has filed application for one time s

ettlement with the opposite parties-Bank on 24.3.2017, requesting the Bank to close the loan a

ccount on payment of further amount of Rs.2,50,000/-.

Learned counsel for the opposite parities-Bank on instructions

submits that if the petitioner deposits further amount of Rs.3,00,000/- (rupees three lakhs)

with the Bank by way of one time settlement, his loan account can be closed.

Learned counsel for the petitioner submits that the petitioner

is ready and willing to deposit further amount of Rs.3,00,000/-(rupees three lakhs) with the

Bank within four weeks hence in full and final settlement of his loan account.

Considering the submissions made, it is directed that in the e

vent the petitioner deposits an amount of Rs.3,00,000/- (Rupees three lakhs) with the opposite

parties-Bank within four weeks hence, the loan account of the petitioner shall be closed by w

ay of full and final settlement.

Writ petition is accordingly disposed of.

Issue urgent certified copy as per rules.

S.C. Parija, J.

.

D. Dash, J.

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