proposal to the level of previous OTS offer at
least.
5. Learned counsel for petitioner submits that OTS proposal submitted
by petitioner is not being ... that subsequent
proposals submitted by petitioner, after proposal dated 01.09.2018, have been
rejected only on the ground that petitioner's proposal
Lakhs deposited
by petitioners on 29.06.2019 along with its proposal for OTS or keep it ina
'No Lien Account ... issued on 08.09.2017. Learned counsel for petitioners submitted that
proposal for OTS was submitted by the petitioners on 29.06.2019 for a sum
of %4 Crores
Time Settlement (OTS) and if not
acceptable prevailing policy of the bank should be made available to petitioner
so that fresh OTS proposal ... counsel for
petitioner that respondent - bank should first decide the fresh proposal for OTS
submitted by petitioner on 14.05.2024 before proceeding any further
premise that possession of property had not yet been taken.
4. Proposal for OTS was again submitted by petitioner after
dismissal ... action
under SARFAESI Act should be undertaken against petitioner till the
proposal for OTS submitted by petitioner is finally decided. It is, thus,
prayed that
into genuine problems, which
led to financial indiscipline, therefore, its proposal for OTS should have
been considered sympathetically. Furthermore, petitioner's case should have ... lakhs, which had been submitted, as upfront amount alongwith its proposal
for OTS was dishonoured in September 2022 due to insufficient funds.
Respondent - Bank
OTS) submitted by petitioners. It is further prayed that respondent -
Bank be directed to consider and settle petitioners' account in view of OTS
proposal ... submitted, wish to settle the matter and in this endeavour had submitted OTS for
Rs.1.40 crores alongwith deposit of Rs.14 lakhs, however
further prayer for directing respondent-
Bank to approve One Time Settlement (OTS) proposal submitted by
petitioner and stay proceedings initiated against petitioner under
Securitization
issued to respondent No.2 to accept One Time Settlement (OTS)
proposal dated 19.10.2022. (Annexure P-12), interest of justice;
(vii) Issue, in alternative ... grant extension
of time period to make remaining payment of OTS, as agreed vide
settlement letter dated 16.09.2019 (Annexure P-3), vide which
loan account
question pursuant to notice dated 13.07.2023. It
is further submitted that OTS proposal submitted by the petitioner was duly
considered in terms of order dated ... same was rejected on 02.12.2022 and duly conveyed to the petitioner. OTS
proposal of the petitioner
respondent on 11.07.2023. As per communication dated 11.07.2023 by
respondent - Bank, OTS proposal for a sum of Rs.8 lakhs has been rejected
while finding ... under the SARFAESI Act and thereafter rejection
of petitioner's proposal for OTS, it is submitted is illegal and arbitrary.
4. Per contra, learned
