1 WP-1777-1547-AS IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 1777 OF 2010 WITH WRIT PETITION NO. 1547 OF 2010 Vijay Jaganath Rathi & ors. ..Petitioners versus Central Bank of India ..Respondents Mr. D. D. Madan, Sr. Advocate with Mr. C. S. Kapadia, Mr. M. Behl and Mr. Vinod Kothari i/b. M/s. Apex Paw Partners for Petitioners. Mr. Mayur Khandeparkar with Ms. Sapna Rachure i/b. T. N. Tripathi & Co. for Respondents. CORAM : DR. D. Y. CHANDRACHUD & ANOOP V. MOHTA, JJ. 13 January 2011. P.C. : Learned counsel appearing on behalf of the Petitioners has stated that the further deposit of Rs. 1 crore is due on 15 January 2011 but since the office of the Registrar of the Tribunal would not be working on Saturday time may be granted until 17 January 2011. This prayer is not opposed. However it has been submitted on behalf of the Petitioners that the next 2 WP-1777-1547-AS instalment of Rs.1 crore should be reduced to Rs.54 lacs in view of an offer of an OTS made by the Petitioners to the bank on 3 January 2011. Learned counsel appearing for the bank has seriously opposed the application for reduction of the amount of Rs.1 crore which is required to be deposited in pursuance to the previous orders. Learned counsel states that the dues outstanding as on 13 August 2010 are in the amount of Rs.20.76 crores. We are not inclined to reduce the amount of deposit since this is consistent with what was stated on behalf of the Petitioners on an affidavit of which notice was taken in the Order dated 19 October 2010. However it has been submitted on behalf of the Petitioners in the alternate that in the event that this court grants some extension of time to deposit the amount of Rs.1 crore, the Petitioners would be able to pursue a one time settlement since it also involves settling the dues of certain third parties who have a decree both against the Petitioners and the bank in the amount of Rs.2.20 crores. 2. Having considered the application which is made on behalf of the petitioners, we therefore direct that an amount of Rs.1 crore shall be deposited by the Petitioners with the Registrar of the Debt Recovery Tribunal. Of this amount, an amount of Rs.50 lacs shall be deposited not later than 17 January 2011; an amount of Rs.25 lacs shall be deposited on or before 21 January 2011 while the balance of Rs.25 lacs shall be deposited 3 WP-1777-1547-AS on or before 31 January 2011. In the event that there is any default, the bank would be at liberty to take recourse to its rights by proceeding to confirm the sale. Upon deposit all amounts may be invested by the Registrar of DRT in a fixed deposit of the Respondent bank. Stand over to 16 February 2011. 3. We clarify that it would be open to the bank to consider the offer of a one time settlement on its own merits. (Dr. D. Y. Chandrachud, J.) (Anoop V. Mohta, J.)