INDIAN BANK Vs. K THIAGARAJAN

JUDGEMENT

(1.) THIS appeal is preferred by the appellant Bank aggrieved against the order passed by the learned Presiding Officer, Debts Recovery Tribunal, (DRT), Chennai on 29.2.2000.

(2.) The Counsel for the appellant Bank submits that the Bank agreed for Rs. 29.49 lakhs for one time settlement and the Bank has never agreed for lesser amount but the learned Presiding Officer, Debts Recovery Tribunal, (DRT), Chennai has passed order for lesser amount for Rs. 26.50 lakhs as full and final settlement and so the order passed by the learned Presiding Officer, DRT, Chennai, has to be set aside.

(3.) IT is seen from the letter sent by the defendant to the Bank dated 14.2.2000 that the defendant has requested the Bank to accept the amount of Rs 26.50 lakhs as full and final compromise settlement upon liabilities. Only in that letter the Assistant Manager of the Bank has made endorsement and received the amount as above. The Assistant Manager has not even stated in that letter that he has received that amount under protest or without any prejudice to the contention raised by the Bank. When the defendant himself has stated in that letter that he offered for Rs. 26.50 lakhs and requested the Bank to accept as full and final settlement, without making any objection the Bank Assistant Manager accepted that amount and received that amount and signed for receiving that amount as evidenced by the letter dated 14.2.2000. If really the Bank was not inclined to accept that amount and wanted some more amount, they would not have received and they would have objected it. The Bank has received that amount without raising objection for full and final settlement. This shows that the matter was settled for full and final compromise settlement upon liabilities. Further it is seen from the order of the learned Presiding Officer, DRT, Chennai that the case was taken up at the special drive sitting and only in the special drive sitting, negotiation had taken place and after long negotiations, the learned Presiding Officer, DRT, Chennai has suggested the defendant to pay a lumpsum of Rs. 26.50 lakhs as full and final settlement which was also accepted by the Bank without any objection.