M/S.Swami Cashew Company vs State Bank Of India on 14 July, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 10344 of 2005(F)


1. M/S.SWAMI CASHEW COMPANY,
                      ...  Petitioner
2. H.KRISHNA IYER,
3. KRISHNA MOORTHY,
4. NARAYAN SWAMY,
5. MAHALAKSHMY,

                        Vs



1. STATE BANK OF INDIA,
                       ...       Respondent

2. ASSISTANT GENERAL MANAGER,

3. RESERVE BANK OF INDIA,

4. RECOVERY OFFICER,

5. STATE OF KERALA,

                For Petitioner  :SRI.K.I.MAYANKUTTY MATHER

                For Respondent  :SRI.GEORGE THOMAS(MEVADA), SC, SBI

The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR

 Dated :14/07/2009

 O R D E R
                       C.N.RAMACHANDRAN NAIR, J.
                  ....................................................................
                            W.P.(C) No.10344 of 2005
                  ....................................................................
                     Dated this the 14th day of July, 2009.

                                         JUDGMENT

W.P.(C) is filed for a direction to the S.B.I. to grant OTS benefit to

the petitioners. Counsel for the petitioners produced communication dated

16.6.2009 issued by the Bank stating that the petitioners’ offer for settlement

at Rs.28 lakhs is not acceptable to the Bank. Standing Counsel for the SBI

submitted that amount due is over Rs.1.36 crores. In the circumstances, it is

for the petitioners to give revised offer and if offer is not acceptable to the

Bank, Bank is free to proceed for recovery. In any case I feel the Bank

should give a counter offer in terms of the norms followed, containing the

amount at which Bank can permit settlement of liability with time for

payment, so that if petitioners’ want, they can settle liability or otherwise

face recovery. W.P.(C) is disposed of as above.

C.N.RAMACHANDRAN NAIR
Judge
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