S. Talapatra, J. - (1.)Heard Mr. D. Chakraborty, learned counsel appearing for the petitioner as well as Mr. S. Saha, learned counsel appearing for the bank-respondents.
(2.)The petitioner is the sole proprietor of the firm namely M/s P.K. Petroleum. For better management of Finance of the firm, the petitioner had taken the financial assistance from the bank namely IDBI Bank Limited in the form of Cash Credit Limit of Rs.50 lakhs and the Term Loan of Rs.13.50 lakhs. For irregular payment, there arose a huge outstanding. Initially, there was a negotiated settlement but the petitioner could not observe its condition and as a result, the bank-respondent had approached the Debts Recovery Tribunal (DRT, in short) under Section 19 of the Recovery of Debts Due to Banks Act by instituting the action being Application No.538 of 2017.
(3.)The petitioner had approached again for One Time Settlement (OTS) or a payment of Rs.70 lakhs which the petitioner would pay within a period of three months from the date of sanction of such settlement. But the bank-authority did not concede to that proposal. However, they agreed that if the petitioner paid a sum of Rs.1.2 crore within 31.03.2017 and as a token of acceptance of the said proposal 5% of the agreed sum is paid within a period of fifteen days, the bank-respondent would waive the remainder of the outstanding.
;