SOUMEN SEN - (1.) The petitioner was a constituent of the respondent bank since 2008. Dispute arose when the revised sanctioned terms proposed by the respondent bank in 2007 was not acceptable to the petitioner and the petitioner made a request to the bank to transfer the liabilities, if any, in the cash credit account including the bank guarantee facilities being enjoyed by the petitioner in favour of Axis Bank Limited who is the present banker of the petitioner.
(2.) The petitioner at the relevant point of time, i.e. prior to 2017, was enjoying a cash credit facility with an outer limit of Rs. 2 crore and a bank guarantee facility with an outer limit of Rs. 30 crore. The petitioner contended that as on date there is no debt to be discharged save and except that in the event the bank guarantee is furnished by the Oriental Bank of Commerce to various concerns and agencies, then the Oriental Bank of Commerce would be exposed to the extent of the liability covered by each of the said bank guarantees. The bank has raised three conditions for allowing shifting of accounts. The three conditions are mentioned in the letter dated 20th November, 2017 which read:- "1. Concession allowed on account of CC/LC/BG Charges/commission/process fee are to be recovered with pre payment penalty charges. 2. Please provide 100% Liquid security by way of CDR/FDR for outstanding amount of LC/BG OR Counter guarantee of any of the nationalized bank only.
(3.) All the other terms and condition of shifting of accounts be complied." 3. Initially, the resistance of the bank to such takeover was that taking-over bank should be a nationalised bank, which was not accepted by me in my order dated 10th January 2018 and the said order has been accepted by the bank. In the said order, the bank was directed to file an affidavit disclosing its claim on Clause No. 1 of the letter dated 20th November 2017. Affidavit in opposition and thereafter a supplementary affidavit were filed by the bank to clarify that on Clause 1, a sum of Rs. 2,55,41,641/- would be due and payable.;