A.K. Goel, J. - (1.) THIS petition seeks a direction for accepting one time proposal by way of settlement and not to initiate process of sale of properties of the petitioner. On July 14, 2008, this Court recorded statement of learned Counsel for the petitioner that only a sum of Rs. 1,49,55,000/ - was payable to the Bank against fund based loan. A compilation marked as Annexure P -21 was taken on record. The said amount in the form of bankers cheque was given by the petitioner. This Court directed the same to be deposited as Fixed Deposit Receipt in a nationalized bank.
(2.) THE Bank has disputed the claim of the petitioner that only liability was Rs. 1,49,55,000/ - against the fund based loan. This is not a forum where disputed questions of facts can be settled particularly having regarding to fact that alternative remedy is available under the provisions of the Recovery of Debts (Dues to the Banks and Financial Institutions) Act, 1993. We make it clear that the parties will be at liberty to have their claims settled about the extent of liability at appropriate forum. In view of the fact that a sum of Rs. 1,49,55,000/ - has been admitted to be (sic) even by the petitioner and a cheque handed over in this Court, the respondent -Bank (sic) be at liberty take the said amount. According to the Bank liability of the petitioner (sic) higher than what was mentioned before this Court which was clear from the statements of the petitioner extracted in the written statement of the Bank at pages 155 and 158 of the paper book. At this stage, learned Counsel for the petitioner submits that the Bank may not sell the property and instead the petitioner may be allowed to sell the property to pay the dues. Learned Counsel for the Bank has no objection to the petitioner being allowed to sell the properties by associating the Bank.
(3.) LEARNED Counsel for the petitioner says that the petitioner has arranged a buyer and applied to the Bank for NOC. The Bank may consider the application of the petitioner in the light of value offered and otherwise available. We make it clear that the sale amount will be directly paid to the Bank, to the extent of dues as claimed by the Bank. This will be subject to final settlement before appropriate forum, if any party approaches such forum.;