WP/3509/2025 of SAI AGRO INDUSTRIES Vs INDIAN OVERSEAS BANK

APHC010062642025 Bench Sr.No:-4 IN THE HIGH COURT OF ANDHRA PRADESH [3483] AT AMARAVATI WRIT PETITION NO: 3509 of 2025 M/s. Sai Agro Industries ...Petitioner Vs. Indian Overseas Bank ...Respondent ********** Advocate for petitioner : Sri Venkateswara Rao Gudapati, learned counsel appearing for Sri G. Venkat Sailendra. Advocate for respondent : None CORAM : THE CHIEF JUSTICE DHIRAJ SINGH THAKUR SRI JUSTICE RAVI CHEEMALAPATI DATE : 18th February 2025 PC: The petitioner proposed for One Time Settlement (O.T.S.) for Rs.16.35 crores to the Indian Overseas Bank, the respondent herein. The O.T.S. was entered into between the parties wherein it was agreed that subject to the petitioner paying 10% of the outstanding amount, the rest could be paid till 31.12.2024. 2. The petitioner claims that it had deposited 10% upfront amount of Rs.1.64 crores, yet, the rest of the amount of Rs.14.71 crores could not be paid before 31.12.2024 and therefore, sought extension of time but the same was refused. It is stated that in the meantime, the bank has resorted to the provisions of the Securitisation and Reconstruction of Financial Assets and 2 Enforcement of Securities Interest Act, 2002 (SARFAESI Act)