IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.3635 of 2009 M/S SINGHANIA ISPAT UDYOG, a Proprietorship Firm, having its Office at Pusp Vihar, Flat No. B-4B, Exhibition Road, P.S.-Gandhi Maidan, Town and District-Patna through its Proprietor, Sri Sanjay Kumar Singhania son of Debi Prasad Singhania, Resident of Pusp Vihar, Flat No. B-4B, Exhibition Road, P.S.-Gandhi Maidan, Town and District-Patna. …….Petitioner Versus 1. The State Bank Of India, constituted under State Bank of India Act, 1955, having its Head Office at Cuffe Parade, Nariman Point, Mumbai through its Chairman-cum-Managing Director 2. The Assistant General Manager, Streesed Assets Resolution Centre(SARC), State Bank of India, 2nd Floor, Main Branch, West Gandhi Maidan, Patna 3. State Bank of India, Commercial Branch, Patliputra, Patna through its Chief Manager 4. The Union of India through the Recovery Officer, Debt Recovery Tribunal, East Boring Canal Road, Patna. ..….Respondents ----------- 07. 09.11.2009 When the matter traveled to the High Court by way of the present writ application or question of auctioning of the properties of the petitioner for satisfaction of the loan amount, taking various submissions into consideration, an interim order of protection dated 26.03.2009 came to be passed. A sum of Rs. five lacs was also ordered to be deposited by the petitioner in favour of the Bank as an interim measure. The writ application has been adjourned from time to time thereafter. The stand of the petitioner is that due to economic recession or otherwise turn through which industries went through in the State of Bihar, there was default on behalf of the petitioner. There are two units. Petitioner bonafidely made compliance with regard to one 2 but faced difficulty in meeting the deadline which was fixed for November, 2007 in the present case as per negotiated settlement between the parties. Counsel for the petitioner submits that he does not want to suffer the agnoymity of not meeting the obligation of the Bank. It was not because of lack of desire but because of certain serious impediments. A sum of Rs. 28 odd lacs has already been paid to the Bank earlier and the balance of Rs. 22 lacs is made available to the Court one by way of draft and the other by way of a banker cheque. The banker cheque is dated 04.11.2009 and is numbered as 035929 drawn on HDFC Bank in favour of State Bank of India account for M/s-Singhania Ispat Udyog. The draft is number 507592 and is dated 30.10.2009. Let the two instruments be handed over to learned counsel representing State Bank of India as payments, receipt of which shall be made in the order- sheet as endorsement. Learned counsel for the petitioner based on an earlier offer made to the Bank categorically states that they are willing to pay simple interest @ 12.75% for the period in default. He is making an endeavor to meet the same provided this offer and payment is accepted by the Bank. With the payments having been produced 3 before the Court, the bona fide of the petitioner with regard to his commitment to pay the agreed amount can not be doubted though with some delay. Petitioner will have an obligation to pay the interest on the delayed payment from the date due till the payments made today. This interest part may be worked out by the Bank and as per the commitment made by the petitioner he shall be obliged to pay the same after calculation is handed over to him as interest petitioner by way of interest. The petitioner will be obliged to pay the same within the time frame of three months after receipt of calculation. This time frame has been fixed on the basis of submission made to the Court by the learned counsel for the petitioner which is an undertaking of the Court. If there is failure on the part of the petitioner to meet the same the Bank has freedom to approach this Court to take appropriate action against the petitioner for breach of the undertaking given by the petitioner. The State Bank of India would be well advised to reconcile the dues based on above payment instead of pushing the matter beyond a point by taking a hyper technical stand on the dues. The writ application along with the I.A. application stands disposed off. Shageer (Ajay Kumar Tripathi, J)