TAPABRATA CHAKRABORTY,J. - (1.) Affidavit-of-service filed by the petitioner be kept on record.
(2.) Mr. Banerjee, learned advocate appearing for the petitioner submits that the respondent no.3 sanctioned a business loan of Rs. 24 lakh in favour of M/s. D.P. Engineering. The petitioner is the proprietor of the said firm. As the petitioner could not pay some installments pertaining to the said loan, the bank authorities filed an application under Section 17 of the Recovery of Debts Due to Bank and Financial Instrument Act, 1993 claiming a sum of Rs. 26,35,277/-. During the pendency of the said proceeding, a proposal for settlement was submitted by the petitioner and the same was accepted and the terms and conditions towards such settlement were communicated by a letter dated 25th May, 2017. Subsequent thereto, due to paucity of fund the petitioner could not make full payment and submitted a representation on 22nd December, 2017 for extending the time towards making such payment. Without giving any reply to the said representation, the respondent no.3 issued a memo dated 26th February, 2018 cancelling the offer for settlement.
(3.) He further submits that the bank authorities have proceeded hastily and have cancelled the offer for settlement by a memo dated 26th February, 2018 without granting any opportunity of hearing to the petitioner and such infirmity warrants interference of this Court.;