ORDER
S.J. Mukhopadhaya, J.
1. Heard counsel for the petitioners. In view of order this court intends to pass for the present it is not necessary to hear the respondents for the present.
2. The petitioner has challenged auction notice dated 23.6.2001 Issued by Debt Recovery Tribunal, Patna. Further prayer has been made to direct the respondent Central Bank of India to enter into and honour one time settlement with the petitioners pursuant to the Reserve Bank of India guidelines.
3. From the pleading made by petitioner it will be evident that petitioner obtained loan from Central Bank of India and for recovery of loan amount a case, O.A. Case No. 8/98 has been preferred by the Bank and is pending before the Debt Recovery Tribunal, Patna.
4. According to petitioners they intended to pay back the limited liability and wanted to compromise the matter with the Central Bank of India (for short, ‘CBI’). Jam-shedpur Branch. The Branch Manager of the Bank at Jamshedpur by its letter dated 30th March 2001 also agreed to such compromise but instead of allowing six months period, a short time of seven days was allowed to pay back the dues against the policy decision of Reserve Bank of India.
5. It is stated that Debt Recovery Tribunal. Patna without taking into consideration the aforesaid compromise settlement reached between the parties and without granting more time issued the im-‘pugned auction notice on 23rd June. 2001 fixing 5th July. 2001 as the date of auction.
6. Having regards to the facts and circumstances, as the Debt Recovery Tribunal. Patna is in. seisin of the matter, this Court is not inclined to decide the case on merit. The petitioner may bring the matter to the notice and raise all these questions before the Debt Recovery Tribunal, Patna. If the petitioners prefer any application before the Debt Recovery Tribunal. Patna within a week, showing therein a proposal and a time frame for repayment of loan amount and other dues. the Tribunal after notice and hearing the parties (Bank) will try to resolve the matter and may grant some more time to enable the petitioner to pay back the dues.
7. If any such application is filed by the petitioner(s) within seven days along with a
copy of this order before the Debt Recovery Tribunal Patna, the auction of the land in question shall remain stayed till such application is finally decided by the Tribunal.
8. However, if for one or other reason the Debt Recovery Tribunal decides to issue fresh auction notice the petitioner(s) will bear the costs for printing and publication of such notice in the newspaper.
9. The writ petition stands disposed of with the aforesaid observations/directions.
10. Disposed of with direction.