HON’BLE SRI JUSTICE R.SUBHASH REDDY Writ Petition No.29174 of 2009 Date: 09-12-2011 Between M/s. Southern Steels Ltd., Regd. Office at 64-66, Moulali, Industrial Area, Hyderabad, Rep. by its Managing Director, R.K.Mittal and another … Petitioners and Industrial Investment Bank of India Ltd., 19, Netaji Subash Road, Kolkotta-700 001, Rep. by its Chairman and Managing Director and another … Respondents HON’BLE SRI JUSTICE R.SUBHASH REDDY Writ Petition No.29174 of 2009 Order: In this writ petition, the 1st petitioner, which is a Company incorporated under the Companies Act, 1956, questioned the communication vide IIBI:CO:1994:09, dated 29-10-2009, issued by the 1st respondent-Industrial Investment Bank of India Ltd. (IIBI), Kolkotta, wherein they have informed the petitioner cancellation of One Time Settlement offer given by them and also that the remittance of Rs.1,00,00,000/- received by them was appropriated against the outstanding dues to the 1st respondent-Bank from the petitioners. 2. The 1st respondent-Bank has extended financial facility by way of loans to the petitioners and when the said loan amounts were not paid, the 1st respondent-Bank by letter dated 05-01-2009 intimated the petitioners to make payment of Rs.3,20,00,000/- as full and final settlement of all dues of the Company on One Time Settlement offer. It is stated that an amount of Rs.1,00,00,000/- was paid by the petitioners as per the Scheme of the Board for Industrial and Financial Reconstruction (BIFR) and the remaining amount was to be paid within a period of 6 months from 05-01-2009. On the ground that the said amount is not paid as per the schedule, the impugned proceedings are issued cancelling the OTS offer extended to the petitioners. 3. When the matter is taken up, it is submitted by the learned counsel for the petitioners that the Company was referred to BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 and as per the Scheme notified by BIFR, the Operating Agency (IDBI) was directed to settle the dues under OTS along with interest. It is stated that consequent to such directions, the amounts were paid and accepted by the 1st respondent-Bank on 13-10-2010 and loan amount is settled and the same is also recorded in the Scheme notified by BIFR. It is admitted by the learned counsel that in view of the said settlement, no further adjudication is necessary in this writ petition. 4. As there is no representation on behalf of the respondents, recording the said statement, the writ petition is disposed of. No costs. ________________________ R.SUBHASH REDDY, J. 09th December, 2011. Ak HON’BLE SRI JUSTICE R.SUBHASH REDDY Writ Petition No.29174 of 2009 09th December, 2011. (Ak)