herein have no locus to contend
that OTS proposal or one time settlement proposal is a
proposal given by the secured creditor. Considering the
facts ... more OTS being offered by KSFC on 20.07.2009
whereunder the borrowers were intimated to the effect
that for revalidation of OTS proposal
Communication, acceptance and revocation
of proposals.--The communication of proposals,
the acceptance of proposals, and the revocation of
proposals and acceptances, respectively, are
deemed ... property before the time period
of the OTS expired, or without revoking OTS
proposal before its acceptance by the Petitioner
which was so accepted
Time Settlement (OTS) is made by the respondent.
Admittedly, substantial amounts were deposited in
pursuance to the OTS proposal. However, the appellant
refused to accept ... accepting the OTS Scheme. The Writ Petition was
disposed of by judgment under appeal directing the
appellant to accept the OTS proposal
been
6
placed on notice of the proposal for OTS and the said OTS
proposal having spent itself out, it would not be proper ... OTS benefit to the petitioner.
9. Taking me through the rejoinder filed on 02.07.2012
along with certain documents, he contends that although the
OTS proposal
settled the
loan account with its borrower by making OTS proposal and
accepting payment towards the account of the borrower Sri.
Jignesh N. Patel ... seisin of a proposal
towards OTS submitted by Brilliant on 1st August, 2017. The
initial OTS proposal dated 1st August, 2017 was enhanced from
SETTLEMENT SCHEME (OTS).
THIS PETITION COMING ON FOR ORDERS THIS DAY,
THE COURT MADE THE FOLLOWING:-
ORDER
Petitioner a borrower whose OTS proposal has been ... interest
is very high and therefore, it did not favour the OTS
proposal of the petitioner; the relevant text of the letter is
reproduced below
resolve the outstanding dues, petitioner No.1 submits
further revised OTS proposal of Rs.6,06,00,000/- which is
supported by petitioners ... revised OTS proposal and
directs petitioner No.1 to deposit an upfront amount of
Rs.61,00,000/- (10% of the proposed OTS amount) with
sought to issue direction to
the respondents to consider the OTS proposal given by the
petitioners.
2. The respondents/corporation sanctioned term of
loan ... legal right to insist for 2nd
round time of OTS. If OTS proposal that was offered to
borrower is availed and the same is rejected
required to be paid.
8.2. The One Time Settlement [OTS] proposal could
not have been considered by 4th respondent,
the same being a cooperative Bank ... OTS
proposal introduced by Reserve Bank of India
was not applicable to the Cooperative Bank.
Taking into account only Rs.1,40,000/- had
been
record will indicate that Annexure-A is
the One Time Settlement (OTS) proposal issued by the
respondent-Bank. The petitioner, respondent-Bank and the
proposed ... between the
parties has been resolved amicably in terms of the OTS proposal at
Annexure-A dated 17.07.2023. In this regard, it is submitted that
