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Madras High Court

M/S. Image Venture P. Ltd vs The Regional Director on 21 July, 2017

Author: S.Manikumar

Bench: S. Manikumar, V. Bhavani Subbaroyan

        

 
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED:  21/7/2017
C O R A M
The Honourable Mr.JUSTICE S. MANIKUMAR
and
The Honourable Mrs.JUSTICE V. BHAVANI SUBBAROYAN

Writ Petition No.15502 of 2016

1.  M/s. Image Venture P. Ltd
     No.3, 1st Cross Street
     Lake Area
     Nungambakkam
     Chennai 600 034.

2.  R. Mathiseelan

3.  K. R.Senthil Kumar

4.  Mrs.R.Suba				...		Petitioners


Vs

1.  The Regional Director 
     Reserve Bank of India
     No.16 Rajaji Salai
     Fort Glacis
     Chennai 600 001.

2.  The Deputy General Manager (Recovery)
     City Union Bank Ltd
     No.248 Gandhi Nagar
     Kumbakonam 612 001.

3.  The Chief Manager
     City Union Bank Ltd
     T.Nagar Branch
     No.48 Mahalakshmi Street
     T. Nagar
     Chennai 600 017.			...		Respondents

	 Petition filed under Article 226 of the Constitution of India, praying for the issuance of a writ of mandamus directing the first respondent Reserve Bank of India, Chennai, to consider and dispose of the petitioner's representation dated 4/4/2016 to get the benefit of OTS Scheme by passing appropriate orders to the second and third respondents and also direct the second and third respondents to implement the OTS scheme benefits to the petitioners.

		For Petitioners 		...	Mrs.S.Gomathy Nayagam,
							Senior Counsel
							for Mr.R.T.Chidambaram

		For Respondents		...	Ms.Rexy Joseph Mary
							for Mr.C.Mohan
							for M/s. King & Partridge
							for R.1.

							Mr.R.S.Varadarajan
							for R.R.2 and 3.
- - - - - - 

O R D E R 

(Order of the Court was made by S.Manikumar,J) Borrower has sought for a writ of mandamus, directing the Reserve Bank of India, Chennai/first respondent, to direct the City Union Bank, Chennai/second respondent, to consider the representation, dated 4/4/2016, to get the benefit of OTS scheme.

2. Ms.Rexy Joseph Mary, learned counsel for the first respondent submitted that the representation of the borrower, dated 4/4/2016, was received by the Reserve Bank of India, on 11/4/2016 and within a short time, the instant writ petition has been filed, on 13/4/2016. She further submitted that Reserve Bank of India, has no authority to direct City Union Bank Ltd., for one time settlement.

3. Be that as it may, Mr.R.S.Varadarajan, learned counsel for the respondents 2 and 3, submitted that on 28/4/2016, a Hon'ble Division Bench of this Court, referred the matter, to the Mediation & Conciliation Centre, High Court, Madras.

4. Both the learned counsel for the borrower and Mr.R.S.Varadarajan, learned counsel for the second and third respondent Bank submitted that on 11/7/2017, out of their own volition and without any pressure or coercion from any side, both sides have agreed for an amicable settlement and accordingly, Tamil Nadu Mediation and Conciliation Centre, has recorded the terms and conditions of settlement and referred the matter back to this Court, for disposal.

5. Mediation and Conciliation Centre agreement, dated 11/7/2017, agreed to upon by the parties, is extracted hereunder:-

"The Respondent Bank has come out with a compromise term whereby the Borrower has to pay the total amount of Rs.248.00 lakhs on or before 30/11/2017, failing which the respondent Bank may realise the above amount including by sale of the property. It was further terms that the respondent Bank would be entitled to an interest of 10.50% p.a., on the sum of Rs.248.00 lakhs, if the petitioner fails to make payment, on or before 30/10/2017, till the date realisation. Petitioner would withdraw all pending legal proceedings before all forums in this regards and respondent will withdraw all proceedings on recovery of the aforesaid sum."

6. This writ petition stands disposed of, in terms of the agreement arrived at, between the parties. No costs.

(S.M.K.,J) (V.B.S.,J) 21st July 2017 mvs.

Index: yes/No Internet: Yes/No S.MANIKUMAR,J A N D V.S.BHAVANI SUBBAROYAN,J mvs.

To

1. The Regional Director Reserve Bank of India No.16 Rajaji Salai Fort Glacis Chennai 600 001.

2. The Deputy General Manager (Recovery) City Union Bank Ltd No.248 Gandhi Nagar Kumbakonam 612 001.

3. The Chief Manager City Union Bank Ltd T.Nagar Branch No.48 Mahalakshmi Street T. Nagar Chennai 600 017.

21/7/2017