- (1.) The Debt Recovery Appellate Tribunal has remanded the original application to be considered afresh after setting aside the order passed by the Debt Recovery Tribunal allowing an application filed by the petitioner herein for direction upon the HDFC Bank to accept the payments in terms of One Time Settlement (OTS) issued by the Reserve Bank of India.
(2.) Bereft of unnecessary details, it would suffice the purpose of determining the points involved in this revisional application from the following facts.
(3.) A proceeding was initiated before the Debt Recovery Tribunal under Section 19 of the DRT Act by the State Bank of India, the opposite party no. 2 herein, for recovery of a sum of Rs. 1,38,67,768/- against the petitioners before the Debt Recovery Tribunal-I, Kolkata which was registered as OA No. 254 of 1999. In course of the said proceeding, a letter dated 27.01.2006 was issued by the Assistant General Manager of the SBI forwarding the proposal for One Time Settlement in terms of the guidelines issued by the Reserve Bank of India on non-performing assets account for Small and Medium Enterprises sector. The said letter reveals the minimum amount payable by the petitioner at Rs. 99,52,453.07/- out of which 25% of the said amount shall be payable upfront within a month from the settlement and the remaining balance of 75,000/- to be paid within an year in installment. The petitioner responded the said letter and agreed to pay the minimum amount as indicated and asked for the confirmation of the settlement so that, 25% of the said amount can be paid upfront and the balance 75 % shall be paid in three installments within a year. The petitioner, thereafter, did not respond to the said letter and neither of the parties could pursue the same further. It is a matter of record that the SBI assigned the loan account to Kotak Mahindra Bank, the opposite party no.1 herein, on 29.03.2006. The Kotak Mahindra Bank filed an application on 05.09.2006 for addition as a co-applicant with the State Bank of India. The factum of One Time Settlement was brought on record by the petitioner while opposing the said application filed by the Kotak Mahindra Bank but subsequently the said application was allowed without considering the plea of OTS.;