envisaged that the closure of the OTS proposals would take another six months. Therefore, KBS, vide this very communication, sought release of "3rd party ... would be evident from the events referred to above, the OTS proposal which required payment of Rs.1,30,00,000/- within the period
SARFAESI Act . Even though the Corporate
Debtor had sent a revised OTS proposal to the Bank on 04.03.2023, after
rejection of the earlier OTS proposal ... permitted to operate the account. In
all the OTS proposals, it appears that the Corporate Debtor has admitted
the default. After referring to the statutory
disposed of
by Ext.P3 judgment directing consideration of an
OTS proposal submitted by the 4th respondent and
keeping the recovery proceedings in abeyance ... alleging that the Bank did not communicate any
order on the OTS proposal made by the 4th respondent
and that in the meanwhile, revenue recovery
purported One Time Settlement (OTS) suggested by the
petitioner and alleged to have been accepted by the Bank.
The OTS proposal dated 01.08.2008 is seen ... been sufficiently lenient in having accepted the
extension of the proposal of OTS, far beyond the period
suggested by the petitioner; being six months from
Authorised
Officer, State Bank of India ]
5 / 36
that while the OTS proposal of the Petitioner was under
consideration and when the petitioner brought
prayer to direct
respondent bank to consider petitioner's OTS proposal, was rejected on
the premise that no such direction can be issued ... willingness for OTS proposal sooner after receipt of the
notice Exh.A-02 and prior to sale of the secured assets, their
contention that
outstanding amount is Rs.6.47 crores as on 28.12.2023. OTS proposal was
sent by the petitioner after paying margin amount of Rs.50 lakhs
Bank by their letter dated 04.07.2018. After the cancellation of the proposed OTS on 04.07.2018, the respondents 3 to 7 have filed the Writ Petition
defendant's banker requesting
them to accept the OTS submitted by the defendant. This proposal was
forwarded on 08.06.2015 by the 1st plaintiff ... that the letter dated 29.11.2013 was only a part of the
OTS proposal for releasing a portion of the land from
Bank to take instruction from the Bank to
their agreeable for OTS proposal of the petitioner, a communication dated
30.10.2018, issued by the IDBI Bank
