WPMS/1010/2021
2021 Latest Caselaw 1708 UK

IN THE HIGH COURT OF UTTARAKHAND
                   AT NAINITAL
         ON THE 20TH DAY OF MAY, 2021
                        BEFORE:
 HON'BLE SHRI JUSTICE MANOJ KUMAR TIWARI


     WRIT PETITION (M/S) No. 1010 of 2021

BETWEEN:

M/s Dwarika Hotel And Resort
and others.                                   ...Petitioners
     (By Mr. Dharmendra Barthwal and Mr. Sharang Dhulia,
     Advocates)

AND:
Pubjab National Bank Head
Office and others.                           ...Respondents
     (By Mr. T.S. Phartiyal, Mr. G.S. Negi, Additional C.S.C.
     for the State of Uttarakhand and Mr. Ashish Joshi and
     Mr. Siddhartha Jain, Advocates for the Bank)


                      JUDGMENT

Petitioner took a loan from Punjab National Bank for construction of a Hotel at Dwarahat. Since he defaulted in re-payment of the loan, therefore, the Bank has initiated proceedings for recovery of the outstanding amount. Thus, feeling aggrieved, petitioner has approached this Court.

2. Learned counsel for the petitioner submits that petitioner is ready & willing to re-pay the entire outstanding amount. He further submits that petitioner may be permitted to submit a proposal for one time settlement of the outstanding amount to the Bank. Learned counsel for the petitioner undertakes that petitioner will deposit a sum of ` 10,00,000/-

with the bank, within two weeks, to show his bona fide.

3. Learned counsel for the respondent bank submits that if petitioner deposits a reasonable amount to show his bona fide, then Competent Authority in the bank will consider petitioner's proposal for one time settlement and take appropriate decision thereupon, in accordance with law.

4.          Having        regard       to       the        facts   and
circumstances      of    the   case,      the    writ petition is

disposed of with liberty to petitioner to submit a proposal for one time settlement to the bank. Petitioner shall deposit a sum of ` 10,00,000/- with his proposal, within two weeks from today. If such proposal is submitted alongwith a sum of ` 10,00,000/-, the Competent Authority in the bank shall consider petitioner's proposal and take appropriate decision thereupon, in accordance with law, within two weeks thereafter.

(MANOJ KUMAR TIWARI, J.) Arpan