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Madras High CourtWP/1092/2024disposed of

M.S.K.Rameshraj v. Indian Overseas Bank Rep By Its

2024-03-12Honourable The Chief Justice,Honourable Mr Justice D.Bharatha Chakravarthy5 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 12.03.2024 CORAM :

THE HON'BLE MR.SANJAY V.GANGAPURWALA, CHIEF JUSTICE AND THE HON'BLE MR.JUSTICE D.BHARATHA CHAKRAVARTHY M.S.K.Rameshraj ..

Petitioner Vs.

1. Indian Overseas Bank Rep. by its General Manager Asset Recovery Management Branch Ground Floor, Central Office Building 763, Anna Salai, Chennai 600 002.

2. The Authorised Officer Indian Overseas Bank Asset Recovery Management Branch Ground Floor, Central Office Building 763, Anna Salai, Chennai 600 002.

..

Respondents Prayer: Petition filed under Article 226 of the Constitution of India seeking a writ of Certiorarified Mandamus to all for the records on the file of the first respondent made in Ref.ARMB/56/2023-24 dated 28.12.2023 and quash the same and consequently, direct the respondent bank to grant One Time Settlement in respect of

agricultural loan Account No.129303320700015, 129303321000010, 129303320700017, 129303321000014, 129303320800004, 129303321000011 in the light of the petitioner representation dated 30.11.2023.

For the Petitioner : Ms.Selvi George

ORDER

(Made by the Hon'ble Chief Justice) We have heard Ms.Selvi George, learned counsel for the petitioner.

2. The petitioner is challenging the order rejecting the proposal for One Time Settlement.

3. Learned counsel for the petitioner submits that the petitioner is ready to settle the amount. One more opportunity be given to the petitioner to settle the amount. The petitioner is ready to pay the amount.

4. Earlier One Time Settlement was arrived at between the

petitioner and the bank for Rs.4.10 crore. The petitioner only deposited Rs.61.00 lakh within the stipulated time of One Time Settlement.

5. Learned counsel for the petitioner submits that the petitioner has paid an amount of more than Rs.3.00 crore thereafter.

6. One Time Settlement is between the bank and the borrower. It is a contract between the parties. It is for the bank to consider all the attending circumstances while entering into One Time Settlement. It is for the petitioner to approach the bank with the proposal and it is for the bank to consider the said proposal on its own merits.

7. The writ petition accordingly disposed of. There shall be no order as to costs.

(S.V.G., CJ.) (D.B.C., J.) 12.03.2024 Index :

Yes/No :

Yes/No kpl

To

1. The General Manager Indian Overseas Bank Asset Recovery Management Branch Ground Floor, Central Office Building 763, Anna Salai, Chennai 600 002.

2. The Authorised Officer Indian Overseas Bank Asset Recovery Management Branch Ground Floor, Central Office Building 763, Anna Salai, Chennai 600 002.

THE HON'BLE CHIEF JUSTICE AND D.BHARATHA CHAKRAVARTHY, J (kpl) 12.03.2024