9911796707
TMI Blog2020 (6) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... Covid-19 - HELD THAT:- Since the petitioner is willing to pay the second installment of 50,88,751/- by 25th June, 2020 as already committed in his e-mail dated 08.05.2020, the Bank may consider allowing the petitioner to deposit the second installment and the third installment as well. Even though none is present on behalf of the respondent-Bank, in the interim, this Court deems it fit that in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sti. 4. The petitioner had taken some loan by way of cash credit and term loan from the respondent-Bank to carry on his business. As there was certain default in repayment, a One Time Settlement (OTS) was arrived at between the petitioner and the Bank on 24.03.2020 and the terms and conditions, inter alia, of the OTS are as follows:- "i. Total amount payable under the OTS Scheme will be ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of ₹ 20.00 lakhs and your next installment of ₹ 50,88,751.00 is due on 10.05.2020. You are hereby informed to deposit the said amount on or before 10.05.2020 in order to keep the approved OTS alive. Any deferment/non-payment/default of payment of above mentioned installment or any installment will render the settlement null and void and you will be liable to pay full outstandin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as notified by the Reserve Bank of India on 27.03.2020 and 23.05.2020. 7. Under the circumstances, keeping in mind the Covid-19 pandemic and RBI Circulars referred to above, since the petitioner is willing to pay the second installment of ₹ 50,88,751/- by 25th June, 2020 as already committed in his e-mail dated 08.05.2020, the Bank may consider allowing the petitioner to deposit the secon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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