BY THE COURT:
This writ petition has been filed by the petitioners inter alia with the prayer that the respondent-bank be directed to supply actual and correct statement of account of all accounts with the application of agreed rate of interest without compounding penal interest to the petitioner-company and not to take any coercive action in the meanwhile. It is further prayed that notice dated 02.04.2013 issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act of 2002’) be quashed and set aside and the respondent-bank be directed to permit the petitioner company to sell residential property first mortgaged with the bank for payment of upfront Rs. 70,00,000/-.
Alternative submission made by the petitioners is that the petitioners gave one time settlement offer to the respondent-bank, but the respondent-bank has given conditional acceptance of that offer vide their letter dated 20.12.2014 by putting unreasonable condition of deposit of Rs. 70,00,000/- by the petitioners as token money by 29.12.2014 and thereafter deposit remaining amount within three months. The respondents have indicated that minimum sale price of the properties, which are mortgaged with them against the loan, which includes the residence of the petitioner situated in Flat No. 204-A, 2nd Floor, Shakuntala Apartments Chawani Kota. However, the respondents have put further condition that the petitioners would be permitted to first of all sell the industrial properties whereas the petitioner-company wants that the respondent-bank should permit the petitioner-company to first sell the residential property, so as to enable it to deposit Rs. 70,00,000/-.
This Court in view of the decision rendered by the Hon'ble Supreme Court in the case of United Bank of India v. Satyawati Tandon, (2010) 8 SCC 110 does not deem it appropriate to interfere in the matter especially when the respondents have taken possession of the properties in dispute under Section 13(2) of the Act of 2002. The petitioners are having remedy of filing appeal under Section 17 of the Act of 2002.
During the course of arguments, learned counsel for the petitioners has submitted that even if the petitioners are required to act upon the conditional acceptance of their one time settlement offer, the petitioners should be granted reasonable time of about one month for arranging the amount of Rs. 70,00,000/-.
The petitioners may make such request, if they are able to satisfy the respondents about their bona fides. It any such application is made, it is expected of the respondents to consider the same for granting reasonable time within which the petitioners can arrange to deposit amount of Rs. 70,00,000/-, as required by them or may otherwise decide such application by reasoned order.
With the aforesaid observation and direction, writ petition is disposed of. Stay application also stands disposed of.
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