9911796707
TMI Blog2015 (8) TMI 1532X X X X Extracts X X X X X X X X Extracts X X X X ..... y one of its settlement schemes or any other rescheduling would arise. The petitioner has filed an affidavit sworn to by the Managing Director of the first petitioner. Among the other statements made in the affidavit, in paragraph No.9 the Managing Director on behalf of the first petitioner has undertaken to pay a sum of ₹ 5 crores so as to enable consideration of their case for accommodation/ rescheduling by the respondents in accordance with law. The said amount is undertaken to be paid in two instalments. Taking note of the affidavit that has been filed before this Court, an opportunity requires to be granted to the petitioner to comply with the undertaking and then seek for rescheduling of the loan from the respondents by al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t could not also be paid when accommodation was granted by the respondents, cannot be in dispute. 3. The respondents have filed detailed objection statement opposing the instant petition and also bringing on record the manner in which the respondents have provided opportunity to the petitioner to settle the loan yet they have not chosen to settle. Since the petitioner had not settled the loan, they were left with no other alternative, but to issue the notice dated 26.10.2010 impugned herein and take action in accordance with law. 4. In the above background, when the matter was heard on the earlier date, this Court was of the opinion that any consideration by the respondents would arise only if the petitioner makes a firm commitment to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat light were unable to consider the matter for rescheduling. It is pointed out that though cheques were issued in that regard, the same were dishonoured. 7. Be that as it may, I am of the opinion that taking note of the affidavit that has been filed before this Court, an opportunity requires to be granted to the petitioner to comply with the undertaking and then seek for rescheduling of the loan from the respondents by also indicating the consequence of non-compliance. In this regard, it is made clear that if the first instalment is deposited as undertaken, the respondent would thereafter wait for the deposit of the second instalment and on the second instalment being deposited, the request to be made by the petitioner for rescheduling ..... X X X X Extracts X X X X X X X X Extracts X X X X
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