High Court of Punjab and HaryanaCWP/19769/2021disposed of

M/S Creative Yarn And ANR v. Indian Bank

2021-10-05Mr Justice Jaswant Singh,Mr. Justice Sant Parkash2 pages

IN THE HIGH COURT OF PUNJAB & HARYANA

AT CHANDIGARH Civil Writ Petition No. 19769 of 2021 (O&M) Date of Decision: 05.10.2021 M/s. Creative Yarn Private Limited, Ludhiana and another .......... Petitioners

Versus

Indian Bank, Ludhiana .......... Respondent CORAM: HON'BLE MR. JUSTICE JASWANT SINGH HON'BLE MR. JUSTICE SANT PARKASH

Present:

Ms. Palak Dev, Advocate for the petitioner.

Ms. Manjari Joshi, Advocate for the respondent - Indian Bank (on advance notice). [ The aforesaid presence is being recorded through video conferencing since the proceedings are being conducted in virtual court ] **** JASWANT SINGH, J. (ORAL) The borrower is before this Court seeking a direction to the respondent - Indian Bank to consider its application dated 17.09.2021 (Annexure P-9) for availing the benefit of One Time Settlement (OTS) of dues payable in its CC Limit Account with an outstanding liability of ` 13,25,24,418/- as on 30.09.2021.

Without issuing notice, we had requested Ms. Manjari Joshi, Panel Advocate for the respondent - Bank to apprise the Court regarding operation of any OTS scheme, as also the eligibility of the petitioners for consideration under the said Scheme.

At the time of resumed hearing today, counsel for the respondent - Bank submits that there is an OTS Policy in operation, which can be availed of by the petitioners. She has vehemently refuted the receipt DINESH KUMAR 2021.10.06 10:54 I attest to the accuracy and integrity of this document

C.W.P. No. 19769 of 2021 (O&M) -2of any application for settlement like P-9 on behalf of the petitioners. Be that as it may, we dispose off the present petition with liberty to the petitioners to apply in accordance with the OTS Policy afresh, upon which a decision shall be taken by the Bank, as expeditiously as possible, in accordance with law.

( JASWANT SINGH ) JUDGE October 05, 2021 ( SANT PARKASH ) 'dk kamra'

JUDGE Whether Speaking/reasoned Yes/No Whether Reportable Yes/No DINESH KUMAR 2021.10.06 10:54 I attest to the accuracy and integrity of this document