KAVERI TELECOM INFRASTRUCTURE LTD. Vs. DENA BANK

JUDGEMENT

(1.) The essential grievance of the petitioners is against the denial of its One Time Settlement proposal on the ground that the borrower is a willful defaulter and the loan granted has been termed as NPA after giving multiple opportunity for repayment which they did not avail.

(2.) After service of notice, the respondent-bank having entered appearance through its learned Panel counsel opposes the petition contending that the request of OTS is treated in terms of extant RBI guideline and once that is rejected, the borrower or surety cannot invoke writ jurisdiction for laying a challenge thereto. He cites the latest decision of the Apex Court in PHOENIX ARC PRIVATE LIMITED vs. VISHWA BHARATI VIDYA MANDIR & ORS ., (2022) 5 SCC 345. The counsel also notifies that the matter is now before the NCLT and therefore whatever grievance the petitioner has can be worked out only before the said Tribunal. So contending he seeks dismissal of the petition.

(3.) Having heard the learned counsel for the parties and having perused the petition papers, this Court is broadly in agreement with the submission made on behalf of the respondent-bank.