IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.8810 of 2009 RANJAN KUMAR SINHA Versus THE DEBT RECOVERY TRIBUNAL & ORS ----------- 2 31.7.2009 The petitioner took a housing loan of Rs.4.88 lacs from the Life Insurance Corporation of India in the year 1992 and due to financial constraint he could not repay the same. The L.I.C. filed O.A.Case No.95 of 1999 before the Debt Recovery Tribunal, Patna for recovery of an amount of Rs.17,10,611/- due as on 31.3.1999. The Debt Recovery Tribunal vide its order dated 8.7.2002 allowed the application of the L.I.C. and issued a certificate for recovery of an amount of Rs.17,10,611/- against the borrower as would be evident from Annexure-1. Thereafter the Recovery Officer issued a demand notice dated 17.10.2004 for recovery of an amount of Rs.51,55,272.00 on calculating the interest at the rate of 18.5%. Further by order dated 16.4.2009 the respondent no.3 even attached the immovable property of the petitioner. Learned counsel for the petitioner submits that clause 12.1 of the guidelines of the Reserve Bank of India, as contained in Annexure-4, provides for one time settlement scheme. According to the scheme if the account becomes N.P.A.(None Performing Assets) the total dues is to be calculated at the rate of 9% simple interest. He further submits that in one of the cases the State Bank of India had followed the aforesaid guidelines of the Reserve Bank of India in toto and calculated the interest at the rate of 9% simple interest. The 2 KHAN aforesaid fact would appear from O.A. Case No.33 of 2005 filed by the State Bank of India Vs M/s Jai Mata Di Plastic & Ors as would be evident from Annexure-5. The petitioner submits that the Bank should also calculate the dues at aforesaid rate of 9% of simple interest as prescribed by the Reserve Bank of India. The petitioner expressed his willingness to repay the entire dues at aforesaid rate. Learned counsel states that he may be allowed liberty to file Misc.Case before the D.R.T. with aforesaid prayer. This writ application is disposed of with liberty to file Miscellaneous petition pleading therein for a direction to the Bank to calculate the dues at 9% simple interest. In order to enable the petitioner to file a Miscellaneous petition, no coercive action would be taken against him for four weeks. With the aforesaid observations and directions, this writ petition stands disposed of. (S.P.Singh,J)