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Head Note

Civil Law  - Secured Creditor

Secured Creditor - Recovery of Loan Amount - Respondents were ready and willing to settle the matter by making a further payment of Rs.2 crores in addition to whatever amount had been paid/deposited by the guarantors and the borrowers - Said offer was almost accepted in principle by the appellant Bank - Said offer was given by the respondent-guarantors on 1st February, 2013 - Much time has passed thereafter - To bring an end to the litigation directed that a further sum of Rs.2.5 crores shall be paid by the respondents-guarantors in two instalments before 31st March, 2016 - If the said amount is paid, the impugned order shall stand modified to the above extent - If the afore- stated amount is not paid, it would be open to the appellant-bank to recover the said amount in accordance with law.

Topic(s)-Secured Creditor - Recovery of Loan Amount - Debt Recovery - Settlement - Directions issued