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TMI Blog2022 (7) TMI 1547X X X X Extracts X X X X X X X X Extracts X X X X ..... quent date, and instead, proceeded to encash the same. There is no explanation why the cheque was not sent for clearing on 23rd July, 2021 itself. Although it is orally argued that the same was perhaps for the reason that it was deposited by Petitioner-company after the clearing hours; however, again, there is no such averment in the counter affidavit. The first communication relied upon by SBI to defend its inaction is the letter dated 31st January, 2022 wherein for the first time, referring to a meeting held in the first week of January and on 31st January, 2022, it is contended that no-dues certificate cannot be issued towards the settlement of account. In view of the above, it emerges that SBI unconditionally accepted the payment; made no protest and credited the payment. Having accepted the payment and not offering any plausible explanation for the delay in responding can only lead to one inference the stand now put forth by SBI is an after-thought. SBI has a duty to act fairly and reasonably. The OTS cannot be rendered infructuous on fanciful reasons otherwise the intent of bringing an OTS scheme, and the ensuing consequences, would stand defeated. The reasons offered by SBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sanction of OTS failing which the OTS sanction will be rendered infructuous and OTS treated as failed. 4. Another 10% of the OTS Amount will have to be deposited by you as second instalment of money within sixty days from the date of sanction of OTS failing which the OTS sanction will be rendered infructuous and OTS treated as failed. 5. The balance amount can he paid within 8 months from the date of this letter, i.e. 24/11/2020 (the validity period) together with interest @ 6 Months MCLR on reducing balance basis effective from the date of this letter, i.e. 24.11.2020 failing which the OTS sanction will be rendered infructuous. 6. However, no interest will be charged if the entire OTS amount is paid within 6 months from the date of this letter, i.e. 24 /11/2020. 7. You will be eligible for an additional incentive on the OTS amount, on making payment of the entire OTS amount as given below: A: Full payment of OTS amount by Incentive on full payment of OTS Amount Within one month from the date of sanction. 15% Within two months from the date of sanction. 10% By 31.03.2021 5% B. Incentive on 50% payment of OTS Amount: 50% payment of OTS amount by Incentive on full payment of OTS Amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de on 23rd July, 2021 by way of a cheque bearing no. 785863 drawn on Indian Bank (formerly Allahabad Bank). 8. The afore-noted cheque was duly encashed by SBI, yet, the loan account was not closed. Petitioner-company started following up with SBI for issuance of a no-dues certificate and closure of proceedings before the DRT, however, neither did SBI withdraw the DRT proceedings nor issued the no-dues certificate. 9. Aggrieved with SBI s failure to accede to its request, Petitioner- company has been constrained to approach this Court by way of the instant petition. 10. SBI has filed a counter affidavit strongly opposing the present petition. Ms. Jaya Tomar, Advocate, representing the Respondent-bank, submits that the petition is not maintainable as condition no. 5 of the sanction letter has not been complied with by Petitioner-company. She emphasises that Petitioner-company was obligated to deposit/ transfer the entire balance amount to SBI by 23rd July, 2021 which they have failed to do. She explains that the statement of account filed by Petitioner-company reflects that the cheque for Rs. 40,13,586/- was cleared only on 27th July, 2021. Thus, the said amount stood transferred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication of interest @ six months MCLR on reducing balance basis, from date of the sanction letter. Since Petitioner-company did not avail the benefit of condition no. 6, and instead, chose to pay the OTS amount in eight months, interest had to be calculated and levied by SBI. Petitioner-company had made payment of Rs. 22,95,138/- by 19th July, 2021. The remaining amount under the sanction letter, inclusive of interest, thus, had to be calculated for making the payment. Accordingly, in terms of condition no. 5 of the sanction letter, the total amount due as on 23rd July, 2021 (Rs. 40,13,586/-) was paid by cheque. This calculation has not been disputed by SBI in its counter affidavit. 14. The only dispute raised by SBI is that the cheque tendered by Petitioner-company was encashed on a later date past the validity period , and hence, condition no. 5 has been violated. In the opinion of the Court, this argument cannot be accepted for several reasons. When Petitioner- company tendered the final amount by cheque, SBI accepted the same without any condition. During the course of arguments, Ms. Tomar made an oral submission, without any supporting specific averment in the counter affidav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame been categorially denied in its counter affidavit. Rather, there is only an evasive general denial of the corresponding paragraph of the petition in the counter affidavit. Several regular e-mail correspondences between the Petitioner-company and SBI after each payment have been placed on record, and the same are not specifically denied by 17. After having received the afore-noted communication, there was radio silence on SBI s end. The first communication relied upon by SBI to defend its inaction is the letter dated 31st January, 2022 wherein for the first time, referring to a meeting held in the first week of January and on 31st January, 2022, it is contended that no-dues certificate cannot be issued towards the settlement of account. In view of the above, it emerges that SBI unconditionally accepted the payment; made no protest and credited the payment. Having accepted the payment and not offering any plausible explanation for the delay in responding can only lead to one inference the stand now put forth by SBI is an after-thought. 18. That apart, the fact that the payment was made on 23rd July, 2021, is not controverted. The conditions of sanction letter do not stipulate tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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