- (1.) Leave granted.
(2.) Source of power on the part of the Reserve Bank of India to issue circulars and guidelines as regards one time settlement is the question involved herein. It arises out of a judgment and order dated 1.02.2008 passed in Review Petition No. 7 of 2008 and order dated 21.11.2007 passed by a Division Bench of the Punjab and Haryana High Court in C.W.P. No. 8267 of 2007 whereby and whereunder an order dated 13.04.2007 passed by the Debt Recovery Appellate Tribunal, Delhi (for short "the Appellate Tribunal") directing the respondent - bank to settle the case of the appellants herein in terms of the said guidelines as applicable at the time of declaring the account as Non Performing Assets (NPA) and not to recover the said amount in terms of the judgment and recovery certificate dated 23.11.2006 issued by the Debts Recovery Tribunal - II, Chandigarh (for short "the Tribunal") in Appeal No. 26 of 2007, was set aside.
(3.) Bereft of all unnecessary details, the fact of the matter reads as under: Appellants herein as also the Performa respondent Nos. 2 to 11 along with one Smt. Darshan Kaur (since deceased) obtained the facilities for grant of loan for a sum of Rs. 3, 54,50,000/- for business purposes which was being carried out by them under the name and style of M/s. Sardar Associates Limited, appellant No. 1 herein. The said amount was sanctioned and disbursed from time to time. Indisputably, the appellant No. 2 and the Proforma respondent Nos. 2 to 11 as also the said Smt. Darshan Kaur stood as guarantors. Appellant Nos. 1 and 2 as also Proforma respondent Nos. 5 and 7 also mortgaged their properties in favour of the respondent - Bank by way of security to the said amount. Defaults having been made in discharging their liabilities, their assets were declared as NPA as per the guidelines issued by the Reserve Bank of India.;