Madras High Court
Paragon Steels Pvt. Ltd vs The Branch Manager on 6 October, 2025
Author: M.Dhandapani
Bench: M.Dhandapani
W.P No.36405 of 2025
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 06.10.2025
CORAM:
THE HONOURABLE MR. JUSTICE M.DHANDAPANI
W.P No.36405 of 2025
1.Paragon Steels Pvt. Ltd.,
Registered Office at No.17/50
DPF Street, P N Palayam
Coimbatore-641 037.
2.SMM Steel Re-Rolling Mills Pvt. Ltd
Registered Office at No.17/50
DPF Street, P N Palayam
Coimbatore-641 037. ...Petitioners
Vs
1.The Branch Manager
City Union bank
No.27-30, Sarojini Street
Ram Nagar,
Coimbatore-641 009
2.R.Venkatakrishnan
Resolution Professional of Corporate Debtors
'Rangas' 1/4, Fourth Main Road
RA Puram, Chennai-600 028. ...Respondents
PRAYER: This writ petition is filed under Article 226 of Constitution of
India, to issue a Writ of Mandamus, directing the 1st respondent Bank to
transfer the fixed deposits, in FD No.500707020043222 and FD
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W.P No.36405 of 2025
No.034007004586496, in the name of the petitioners, along with accrued
interest to the account of the petitioners in account number 777705770077 with
ICICI Bank Limited, Kalady Branch, Kerala.
For Petitioners : Mr.Roshan Atiq.M
ORDER
This writ petition has been filed, to issue a Writ of Mandamus, directing the 1st respondent Bank to transfer the fixed deposits, in FD No.500707020043222 and FD No.034007004586496, in the name of the petitioners, along with accrued interest to the account of the petitioners in account number 777705770077 with ICICI Bank Limited, Kalady Branch, Kerala.
2. The case of the petitioners is that the National Company Law Tribunal, Chennai Bench had admitted an application for initiation of CIRP against the petitioners by an order dated 15.09.2017 and thereby appointed the 2nd respondent herein as the Resolution Professional. The petitioners were took over by a Resolution Plan approved by the NCLT, Chennai Branch vide order dated 24.07.2018. The petitioners have made Fixed Deposits with the 1st Page 2 of 4 https://www.mhc.tn.gov.in/judis ( Uploaded on: 10/10/2025 10:20:35 pm ) W.P No.36405 of 2025 respondent Bank for availing high intensity electricity connection. The said Fixed Deposits made with the 1st respondent Bank are the assets of the petitioners as per the approved Resolution Plan. The petitioners sent an e-mail dated 29.08.2020 to the 1st respondent Bank to transfer the Fixed Deposits to the existing account of the petitioners, in terms of order passed by the NCLT in M.A No.218 of 2019 dated 05.12.2019, but the same was denied by the 1st respondent Bank. In consequence, the 2nd respondent vide email dated 14.09.2020 had clarified to the 1st respondent Bank that the resolution plan clearly denotes that the fixed deposits are the assets of the petitioners and requested to transfer the same to the petitioners. Inspite of the said mail communication of the 2nd respondent, the 1st respondent denied to transfer the fixed deposits to the account of the petitioners. Hence, the present writ petition is filed with the above said prayer.
3. The learned counsel for the petitioners would submit that it would suffice, if a direction is issued to the 1st respondent Bank to consider the petitioners' e-mail dated 29.08.2020 to transfer the Fixed Deposits in the name of the petitioners in terms of the order passed by the NCLT in MA.No.218 of 2019 dated 05.12.2019, within a reasonable time as fixed by this Court. Page 3 of 4 https://www.mhc.tn.gov.in/judis ( Uploaded on: 10/10/2025 10:20:35 pm ) W.P No.36405 of 2025 M.DHANDAPANI, J.
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4. In view of the above, this Court is inclined to issue a direction to the 1st respondent Bank to consider the petitioners' e-mail dated 29.08.2020, to transfer the Fixed Deposits in the name of the petitioners, in terms of the order passed by the NCLT in M.A No.218 of 2019 dated 05.12.2019, within a period of six weeks from the date of receipt of a copy of this order, if there is no legal impediment.
5. With the above direction, this writ petition is disposed of. No costs.
06.10.2025
Index : Yes/No (2/2)
Neutral citation : Yes/No
Speaking/non-speaking order
uma
To
The Branch Manager
City Union bank
No.27-30, Sarojini Street
Ram Nagar,
Coimbatore-641 009
W.P No.36405 of 2025
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