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Judgment
Sathish Ninan, J
The petitioner availed a credit facility from the 2nd respondent Bank. Repayment of the loan was defaulted. The petitioner approached the Bank seeking the benefit for One Time Settlement Scheme (OTS Scheme). Considering the petitioner's application, the bank issued Ext.P3 indicating the OTS amount payable. The details regarding the benefits given to the petitioner have also been indicated therein. Dissatisfied with the same and claiming further benefits he has submitted Ext.P7 representation before the 4th respondent. The same is pending consideration. It is at that stage the petitioner has approached this Court.
The learned Standing Counsel for the Bank points out that the OTS Scheme expires today (30.11.2021), and that unless the petitioner effects payment as mentioned in Exhibit P3, he will not be entitled for the benefit of the OTS Scheme.
After hearing the learned counsel on either sides, and taking note of the fact that the OTS scheme expires today, I am inclined to issue the following directions:
i) If the petitioner intends to avail the benefit of the OTS Scheme presently in force and which expires today, the amount as indicated in Ext.P3 shall be remitted today itself.
ii) Pursuant to such remittance, the 4th respondent shall consider Ext.P7 in terms of relevant circular, afford an opportunity of hearing to the petitioner, and pass orders thereon.
iii) If on such consideration as mentioned in clause (ii) above it is found that in terms of the OTS Scheme the petitioner is entitled for any further concessions, the same shall be afforded to the petitioner.