Court directs Competent Authority to process petitioner's representation for 'One Time Settlement' within two weeks The court admitted the petition for hearing and ultimately directed the Competent Authority to process the petitioner's representation for 'One Time ...
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Court directs Competent Authority to process petitioner's representation for 'One Time Settlement' within two weeks
The court admitted the petition for hearing and ultimately directed the Competent Authority to process the petitioner's representation for 'One Time Settlement' or loan rescheduling within two weeks by issuing a speaking order in accordance with the law. The court clarified that it had not expressed any opinion on the merits of the case and disposed of certain interim applications that were rendered irrelevant after the resolution of the main petition.
Issues: 1. Petition to quash cancellation of OTS Scheme. 2. Petition to quash waiver of 50% penal interest and set a payment schedule. 3. Petition to direct waiver of 100% penal interest and grant more time for payment. 4. Any other order in the interests of justice and equity.
Analysis: 1. The petitioner sought a writ of certiorari to quash the cancellation of the OTS Scheme extended to them. The petitioner also requested a writ to quash a letter that waived only 50% of penal interest and set a three-month payment schedule. Additionally, the petitioner asked for a mandamus to direct the respondent to waive 100% of the penal interest and provide more time for payment. The court admitted the petition for hearing and heard it finally with the consent of both parties.
2. During the hearing, the petitioner's senior counsel informed the court that they had deposited a sum of Rs. 4 crores in compliance with an interim order. The petitioner expressed readiness to settle the loan amount and requested permission to submit a representation under the 'One Time Settlement' scheme or for rescheduling the loan within two weeks. The respondent's counsel stated that any such representation would be handled in accordance with the law.
3. Considering the submissions made by both parties, the court disposed of the petition. If the petitioner submits a representation for 'One Time Settlement' or loan rescheduling, the Competent Authority is directed to process it within two weeks by issuing a speaking order in accordance with the law. The court clarified that it had not expressed any opinion on the merits of the case. Consequently, certain interim applications were also disposed of as they were no longer relevant after the main petition was resolved.
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