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SCA/8734/2008 4/ 4 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
SPECIAL
CIVIL APPLICATION No. 8734 of 2008
=========================================================
M/S
VIMAL PROTEIN PVT LTD & 1 - Petitioner(s)
Versus
ANYONYA
SAHAKARI BANK LTD & 2 - Respondent(s)
=========================================================
Appearance
:
MR
SP MAJMUDAR for
Petitioner(s) : 1 - 2.
NOTICE SERVED BY DS for Respondent(s) : 1 -
3.
MR KM PARIKH for Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE JAYANT PATEL
Date
: 09/09/2008
ORAL
ORDER
The
petitioners by this petition have challenged the notice for sale of
the property issued by the respondent Bank and have also prayed to
direct the respondent Bank to accept the amount of Rs.121.5 lac and
to entrust the possession of the mortgaged property to the
petitioners.
Heard
Mr.Majmudar, learned Counsel appearing for the petitioners and
Mr.Parikh, learned Counsel appearing for the respondent Bank.
Upon
hearing the learned Counsel appearing for the petitioner and the
respondent Bank, it appears that during the period when Reserve Bank
of India Directives were not in operation, the respondent Bank had
processed the application of the petitioners for One Time Settlement
(OTS for short) and the offer was made, which was not acted upon,
but a counter proposal was made by the petitioners and before the
same was considered by the petitioner, there were directives of
Reserve Bank of India under the Banking Regulation Act and the
matter remained as it is.
In
the meantime, Reserve Bank of India has sanctioned the OTS in
respect to the creditors of the respondent bank and if the amount is
calculated accordingly as per the petitioner, there will be a huge
difference and, therefore, the present petition.
Mr.Majmudar,
learned Counsel appearing for the petitioners, after some arguments,
states that the petitioners would like to make representation to the
respondent Bank, who, in turn, may forward the same for sanction to
the Reserve Bank of India through the State Registrar, Cooperative
Societies, and proper decision may be taken and till the decision is
taken, the properties may not be disposed of by the respondent Bank.
He also states that the petitioners are ready to deposit an amount
of Rs.3 lac, if such an indulgence is granted by this Court.
Mr.Parikh,
learned Counsel for the respondent Bank, submitted that the
respondent Bank has no objection for forwarding the proposal to the
Reserve Bank of India through the State Registrar, Cooperative
Societies, and if the sanction is granted, they will act
accordingly.
Hence,
it is observed that if the petitioner deposits an amount of Rs.3 lac
with the respondent Bank and makes a proposal for settlement of
debts to the respondent Bank, within one week from today, the same
shall be forwarded by the respondent Bank to Reserve Bank of India
through the State Registrar of Cooperative Societies and appropriate
decision shall be taken within a period of two months from the date
of receipt of the proposal. The amount deposited by the petitioners
pursuant to the interim order shall be returned to the petitioners
since no further order for acting upon the settlement is ordered by
this Court. Till the decision is taken, the property in question
shall not be disposed of by the respondent Bank.
The
petition is disposed of accordingly. Direct service is permitted.
9.9.2008 (Jayant
Patel, J.)
vinod
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