IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.5285 of 2010 1. ARUN KUMAR BAJORIA S/O SRI SHRAVAN KUMAR BAJORIA R/O 2ND FLOOR, GANPATI PLAZA, KHALIFABAGH CHOWK, P.S. KOTWALI, TOWN AND DISTT.- BHAGALPUR 2. BIMLA DEVI BAJORIA W/O SRI SHRAVAN KUMAR BAJORIA R/O 2ND FLOOR, GANPATI PLAZA, KHALIFABAGH CHOWK, P.S.- KOTWALI, TOWN AND DISTT.- BHAGALPUR Versus 1. THE UNITED COMMERCIAL BANK THROUGH ITS CHAIRMAN-CUM-MANAGING DIRECTOR 2. THE ASSISTANT GENERAL MANAGER UNITED COMMERCIAL BANK, REGIONAL OFFICE, CENTRAL JAIL ROAD, BHAGALPUR 3. THE BRANCH MANAGER, UNITED COMMERCIAL BANK, BAZAR BRANCH D.N. SINGH ROAD, BHAGALPUR ----------- For the Petitioners : Mr. Gautam Kejriwal. For the Bank : Mrs. Nilu Agrawal. Mr. Ritesh Kumar. ----------- 04 11.05.2010 The petitioners had taken a housing loan account from the United Commercial Bank, Bhagalpur. There was substantial default therein. Pursuant to the defaults, Bank took action under SARFAESI Act and took possession of the said flat. When the Bank proceeded to put it on auction, the petitioners came to this Court and expressed willingness to settle the accounts. In course of negotiation with the Bank, the Bank pointed out that the petitioners in one capacity or the others have two CC accounts and a personal cash - 2 - loan account, which are all in default and classified NPAs. Bank wants a packaged settlement for all accounts. It has offered that on payment of Rs.5,75,000/- waiving interest of about Rs.8 lacs the housing loan account would be settled. Petitioners agree to clear that account by 30th May, 2010. That settles the housing loan issue on payment of the aforesaid amount. The possession of the house would be restored to the petitioners. So far as the other three accounts are concerned, Bank has requested the petitioners to liquidate those accounts within three months. Petitioners point out that substantial securities are already with the Bank in the shape of term deposits. The accounts of which the Bank is not furnishing, if that is appropriated then substantial amount outstanding in the three accounts or some of the accounts would stand liquidated. It is for the petitioners to right to the Bank authorizing the Bank to appropriate those securities immediately, which would save accrual of interest. So far as these accounts are concerned, if the offer of the Bank is not acceptable to the petitioners, petitioners may - 3 - negotiate, but, in case of negotiation the petitioners would be obliged to clear the three accounts within three months time, which is being fixed by the Court as the end of August, 2010. In case, they are unable to come to a negotiated settlement and they do not clear all the three accounts as well by the end of August, 2010 Bank would be free to take action in respect of three accounts as may law oblige. With these observations, the writ petition stands disposed of. Trivedi (Navaniti Prasad Singh, J.)