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13. On 14.11.2017, when the writ appeal came up for further hearing, we heard the learned counsel appearing for both the parties and recorded as hereunder:

On the basis of a letter dated 23.10.2017 of the General Manager (Admn.) of Pondicherry Industrial Promotion Development and Investment Corporation Limited, addressed to M/s.Happy Green Hotel (P) Ltd., Mr.TP.Manoharan, learned Senior counsel submitted that after giving concession to the tune of Rs.1,11,41,384/- appellant was given option to avail the One Time Settlement (OTS) scheme by settling the loan amount of Rs.86,49,596/- on or before 10.11.2017 being 25% of the outstanding balance and also to pay the remaining 75% of the balance amount of Rs.2,59,48,789/- on or before 31.03.2018 and appellant has failed to respond to the OTS scheme proposed by Pondicherry Industrial Promotion Development and Investment Corporation Limited.
2. Mr.S.P.Harikrishnan, learned counsel for the petitioner, submitted that no sooner the proposal dated 23.10.2017 was mooted out, appellant has sought for details of payment made, and there was no response. Notwithstanding the above, learned counsel for the appellant submitted that he will get appropriate instructions from M/s.Happy Green Hotel (P) Ltd., Puducherry, appellant herein on the OTS scheme, payment to be made as proposed and sought for time.
3. Post on 20.11.2017.
4. In the meanwhile, Pondicherry Industrial Promotion Development and Investment Corporation Limited, is directed to file affidavit supporting the oral submissions and letter dated 23.10.2017, considered by this Court."
'The Hotel industries shall pay the entire principal outstanding plus 50% of the interest outstanding as on 31.08.2017 within 6 months from the date of communication of the scheme. On payment of the amount as per the above norms, the account will be treated as settled by waiving off the balance interest outstanding'.
3. In case your Company is desirous of availing the above benefit, you shall pay 25% of the following amount to the Corporation on or before 10.11.2017 as a token of acceptance to opt for availing the concession benefits under the OTS Scheme, and the balance amount is to be paid within a period of 6 months:-
4. Therefore, you are hereby advised to avail the opportunity of concession in interest of Rs.1,11,41,384/- by opting for the OTS Scheme by setting the loan account by paying only Rs.86,49,596/- on or before 10.11.2017 being 25% of the outstanding balance, and also to pay the remaining 75% of the balance amount of Rs.2,59,48,789/- on or before 31.03.2018, failing which, PIPDIC would be forced to construe that you do not intend to avail the concessional benefits in interest by opting for the OTS Scheme, and would be constrained to recover the entire outstanding loan amount (principal + interest) payable under Section 29 of the State Financial Corporations Act, 1951, without applying any OTS Scheme benefits.