- (1.) Heard Sri Shashi Nandan, learned senior advocate assisted by Sri V.S. Chauhan, learned counsel for the petitioner and Sri Maneesh Mehrotra, learned counsel for the respondent Bank. By this petition, the petitioner has prayed for quashing the order dated 25.7.2012 by which the Bank has communicated the petitioner mat the petitioner's offer under 'One Time Settlement Scheme' is turned down.
(2.) Sri Shashi Nandan, learned senior advocate challenging the order contended that the petitioner received the intimation on 15.6.2012 that one time settlement scheme is current in the Bank and before the petitioner can submit the offer, the auction sale was already conducted on 22.6.2012. He submitted that the petitioner's one time settlement offer was in accordance with the Reserve Bank of India's guidelines and the Bank committed an error in not accepting the offer. Learned counsel for the petitioner has placed reliance on the judgment of the Apex Court, M/s. Sardar Associates & others v. Punjab & Sindh Bank & others, 2010 AIR(SC) 218 where the Apex Court held that one time settlement scheme and guidelines issued by the Reserve Bank of India are binding on the public sector Banks. He also placed reliance on a Division Bench decision, M/s. Shyam Ice & Cold Storage (P) Ltd. & others v. M/s. Syndicate Bank and another, 2012 3 UPLBEC 1859.
(3.) We have considered the submissions of learned counsel for the petitioner and perused the record.;