- (1.) THE present writ petition has been preferred to quash the order dated 24.4.2000, passed by respondent no. 2, vide which the liability of the petitioner was fixed at Rs. 39.81 lakhs (excluding Rs. 18,97,2801 - already paid) under One Time Settlement (hereinafter to be referred as "OTS") Scheme. A further prayer for issuance of mandamus has been made seeking a direction ag8.inst the respondents to dispose of the OTS application in accordance with the circular dated 21.7.1993 and as per the judgment passed by this Hon'ble Court and the Hon'ble Supreme Court.
(2.) THE case of the petitioner, in brief, is summarized as under: - In the year, 1972 the petitioner had made an application for grant of loan before the Bihar State Financial Corporation (hereinafter to be referred as lithe Corporation") for starting Small Scale Rubber Industry for an amount of Rs. 4,00,0001(rupees four lakhs), which was duly sanctioned. However, the total loan amount disbursed to the petitioner was of Rs. 2,65,0001 - (rupees two lakhs and sixty five thousand) only. The installments fixed could not be reimbursed/paid back by the petitioner and there was a continuous default with effect from 31.3.1976 and, accordingly, a legal notice dated 24.9.1976 was served upon the petitioner. In similar fashion further loan amount of Rs. 12,00,0001 - (rupees twelve lakhs) and Rs. 1,26,000/ - (rupees one lakh and twenty six thousand) were disbursed against the sanctioned loan amount of Rs. 18,00.000/(rupees eighteen lakhs) and Rs. 3,35.0001(rupees three lakhs and thirty five thousand). On 21.7.1993 a circular was issued by respondent no. 2 for availing relief under OTS Scheme, inter alia, for those units whose outstanding had exceeded the value of their mortgaged assets with the Corporation. Under this scheme, the respondents were to provide relief to the eligible units by reducing the rate of interest in accordance with the circular from the date from which the, unit(s) was/were in continuous default of the Corporation's over dues. As per the said circular 10% of the total amount, which was due to the Corporation was to be deposited and thereafter, the concerned unit should apply for relief under the said OTS Scheme. The petitioner applied for the relief under OTS Scheme within time and deposited Rs. 3,65,000/ - (rupees three lakhs and sixty five thousand), which according to the petitioner was more than 10% of the balance amount, calculated by the respondent -Corporation as Rs. 36 -,27,0001(rupees thirty six lakhs and twenty seven thousand), as reflected in its ledger in September, 1994. The petitioner was given an offer to settle its account under OTS vide Memo No. 4496 dated 19.10.1995 at a consideration amount of Rs. 39,81,000/ - (rupees thirty nine lakhs and eighty one thousand). The offer under OTS Scheme was given on the basis of the valuation of the assets. The OTS amount as per the Standing Order No. 01/MDC/93 -94 dated 22.7.1993 was calculated at Rs. 35,20,000/(rupees thirty five lakhs arid twenty thousand) on 30.6.1995, which was lower than the valuation of the assets. The Executive Committee of the Corporation allowed the petitioner to settle its account on the basis of valuation of the assets as the value of the assets was more than the OTS calculated account. One of the criteria of One Time Settlement Scheme was that the outstanding exceeded the value of the mortgaged assets of the unit. The value of the mortgaged asset was also a prime consideration for arriving at One Time Settlement. It is also provided in the OTS Scheme that Executive Committee shall take case to case decision whether the unit should be offered One Time Settlement and if so what would be the quantum of relief. In the instant case, the OTS amount was less than the value of asset. Keeping in view the above facts, the Executive Committee gave an offer to the petitioner, based on valuation of assets amount to Rs. 39,81,000/ - (rupees thirty nine lakhs and eighty one thousand). The petitioner did not make the requisite payment against the OTS offer. In view of non -payment, takeover order was issued vide Memo No. 646 dated 9.1.1997 for taking possession of the mortgaged assets of the unit for realization of the dues of the Corporation.
(3.) THE petitioner being aggrieved, filed a writ petition being C.W.J.C. No. 268 of 1997 before the Hon'ble Patna High Colin., Ranchi Bench. The Hon'ble High Court vide its order dated 29.10.1997 directed the petitioner to make payment of Rs. 15,00,000/ - (rupees fifteen lakhs) in two phases and also directed that in case the concern does so, the Corporation shall reconsider the matter in accordance with law and shall determine the liabilities of the petitioner afresh.;