Punjab National Bank vs Ved Prakash

Sandeep Sharma, J

Mr. Manohar Lal Sharma, learned counsel for the respondent namely Ved Prakash, who is present in the court, states that offer made by the petitioner - bank for amicable settlement in the sum of Rs. 29,50,000/-against the total loan amount of Rs. 42,63,000/- is acceptable to the respondent.

Mr. Sanjay Dalmia, learned counsel for the petitioner states that respondent be directed to deposit 25% of the agreed amount i.e. 29,50,000/- in the bank, enabling it to process the case of the respondent under OTS scheme as per agreed terms.

Mr. Manohar Lal Sharma, learned counsel for the respondent states that 25% of the agreed amount i.e. Rs.29,50,000/- shall be deposited within three weeks, whereafter petitioner-bank may give reasonable time to the respondent to deposit sum of Rs. 29,50,000/- agreed to be paid in lump-sum against total loan.

Consequently, in view of the aforesaid amicable settlement arrived inter-se parties, nothing remains to be adjudicated in the instant proceedings and accordingly, same are closed with direction to the respondent to deposit 25% of Rs. 29,50,000/-, enabling the petitioner bank to process his case under OTS scheme for sum of Rs. 29,50,000/- against the total liability of Rs. 42,63,000/- Needless to say, in case respondent fails to pay 25% of the settled amount i.e. 29,50,000/-, within three weeks, petitioner bank would be at liberty to take appropriate steps for recovery of the entire loan amount. It is made clear that in case respondent fails to abide by the undertaking given to this court, he besides rendering himself liable for penal consequence would also invite contempt proceedings. Notice discharged. In the aforesaid terms, present petition is disposed of.