M/s Dwarika Hotel And Resort And Others vs Pubjab National Bank Head Office And Others

Manoj Kumar Tiwari, J

Petitioner took a loan from Punjab National Bank for construction of a Hotel at Dwarahat. Since he defaulted in re-payment of the loan, therefore,

the Bank has initiated proceedings for recovery of the outstanding amount. Thus, feeling aggrieved, petitioner has approached this Court.

Learned counsel for the petitioner submits that petitioner is ready & willing to re-pay the entire outstanding amount. He further submits that

petitioner may be permitted to submit a proposal for one time settlement of the outstanding amount to the Bank. Learned counsel for the petitioner

undertakes that petitioner will deposit a sum of Rs. 10,00,000/- with the bank, within two weeks, to show his bona fide.

Learned counsel for the respondent bank submits that if petitioner deposits a reasonable amount to show his bona fide, then Competent Authority in

the bank will consider petitioner’s proposal for one time settlement and take appropriate decision thereupon, in accordance with law.

Having regard to the facts and circumstances of the case, the writ petition is disposed of with liberty to petitioner to submit a proposal for one time

settlement to the bank. Petitioner shall deposit a sum of Rs. 10,00,000/- with his proposal, within two weeks from today. If such proposal is submitted

alongwith a sum of Rs. 10,00,000/-, the Competent Authority in the bank shall consider petitioner’s proposal and take appropriate decision

thereupon, in accordance with law, within two weeks thereafter.