Orissa State Financial, Corporation Represented v. Soumendra Narayn Mohanty
2011-12-13
B.N.MAHAPATRA, V.GOPALA GOWDA
body2011
DigiLaw.ai
ORDER Heard Mr Padhi, Learned Sr. Counsel for the Petitioner. 2. The order sought to the be reviewed is with regard to certain typographical error appeared at page 6 in paragraph-6 at the fifth line from the bottom of the Judgment dated 22.7.2011 passed by this Court in W. P. (C) No. 1991 of 2010 with two others (Annexure-2) with reference to the expressions “Managing Director” which should be read as “Managing Director of the Petitioner-Company”. Insofar as the rate of interest to avail the modified OTS Scheme 2007 is concerned, the initial deposit made under the said scheme shall not be construed as repayment for the purpose of determining the rate of interest as provided under the scheme whether the amount which is in initial deposit is taken as repayment for the purpose of either 200% or below 200% to apply 7% or 9% interest Our attention was drawn to clause 11 (x) of the MDF-OTS-07 Scheme Term Loan, which reads as hereunder: "Switchover cases: (a) While computing the settlement amount in case of switchover from OTS Schemes of year 2005-06 & OTS-07, the settlement order issued earlier at the Branch level before processing such application under “MFD-OTS-07-SCHEME-TERM LOAN”, IF NOT cancelled earlier. (b) In such cases, payment made by the loanee (including the initial deposit) against the OTS Schemes of 2005-06 & OTS-07, shall not be considered & normal repayment towards loan dues while computing the settlement amount under the current Scheme. Such payment made under the previous OTS schemes of 2005-06 & OTS-07 shall notionally be brought forward & be treated as payment made over the above the current initial deposit & adjusted towards repayment amount required towards the settlement amount under the current scheme. In other words, any earlier repayments made under the earlier OTS schemes of 2005-06 & OTS-07 shall notionally from a part of the repayment with the initial deposit so paid under this Scheme without passing any reverse entry in books of accounts.” 3. The emphasis is made both the Learned Senior Counsel on behalf of the parties on the said cause. After careful reading & application of our mind keeping in view the object of providing the modified OTS Schme-2007 to see that the debt due to the Corporation is recovered by extending the settlement benefit of the debt amount with the percentage of interest provided under the slab. 4.
After careful reading & application of our mind keeping in view the object of providing the modified OTS Schme-2007 to see that the debt due to the Corporation is recovered by extending the settlement benefit of the debt amount with the percentage of interest provided under the slab. 4. In our considered vies, the initial deist which has been made by the debtor under modified OTS Scheme also shall be taken as the repayment made towards the outstanding debt amount due to the Corporation. Therefore, rate of interest which is sought to be reviewed does not call for interference by this Court. Accordingly, both the review Petitioners are partly allowed with the aforesaid terms. Appeal allowed in part.