Dipankar Datta, J. - (1.) SUPPLEMENTARY affidavit filed by the petitioners shall be retained with the records. The petitioners had obtained loan advanced by the respondent No. 1/Bank. It had defaulted in repaying the loan. Demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 dated 8.6.2009 was issued. In due course of time, the Bank proposed to take measures under Section 13(4) of the Act. The Debts Recovery Tribunal having jurisdiction had been approached by the petitioners under Section 17(1) of the Act. The application is reportedly pending.
(2.) AT this stage, the petitioners had approached the Bank for restructuring of the credit limit. Proposal to that effect was given by letters dated 16.12.2010 and 19.7.2011. On 20.10.2011, the Bank informed the petitioner No. 1 that its competent authority was agreeable and had sanctioned the restructuring proposal as per terms and conditions enclosed therewith as Annexure -I. The petitioner No. 1 was requested to accept the terms and conditions and to submit relevant papers/undertakings to enable the Bank allow operation in the account. The terms and conditions in Annexure -I, inter alia, referred to written approval to be obtained by the petitioners from the Export Credit and Guarantee Corporation and the Tribunal before whom the application under Section 17(1) of the Act was pending. They were also required to give an undertaking to settle the issue of M/s. Shilpa Creation Pvt. Ltd. (Group Company) as per the approved compromise settlement, if any, failing which the sanctioned restructuring proposal would stand rejected. Correspondence followed pursuant to such sanction. By letter dated 20.12.2011, the petitioners prayed for modification. Ultimately by letter dated 21.3.2012, it was conveyed on behalf of the petitioner No. 1 that the terms and conditions for restructuring are being accepted and that the same may be implemented without any further loss of time, which would serve the mutual interest of both the creditor and the borrower.
(3.) CLOSE on the heels of the said letter, the Bank by letter dated 3.4.2012 informed the petitioners, inter alia, as follows: We observed that you have failed to fulfil the terms and conditions as stipulated in our letter. Such, the competent authority of our Bank has decided to cancel the said restructuring package. You are hereby advised to deposit the full dues of the Bank along with up to date due interest.;