Tamilnadu Industrial v. M/S.Mathias And Kalingeri
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 11.04.2019
CORAM:
THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN O.P.No. 35 of 2012 The Tamilnadu Industrial Investment Corporation Ltd., Rep. By its Branch Manager, Tiruvallur Branch, No.86 C & D II Main Road, Ambattur Industrial Estate, Chennai - 600 058.
..Petitioner Vs.
1.M/s. Mathias & Kalingeri Packaging Pvt Ltd., Rep. By its Director 2.I.J.Mathias 3.Regina Mathias
...Respondents
Prayer: Petition under Sec.31(a), 31(aa) and 32 of the State Financial Corporation's Act 1951 praying for determining the liability and direct the respondents 2 to 3 herein to pay jointly and severally a sum of Rs.4,27,84,860/- (Rupees Four Crores Twenty Seven Lakhs Eighty Four Thousand Eight Hundred and Sixty Only) to the petitioner corporation with interest at the rate of 16% p.a. from the date of the petition to till the date of realization in full and awarding costs of the petition.
For Petitioner : Mr. M.J.Jaseem Mohamed For Respondents : No Appearance
O R D E R
The petitioner/Tamil Nadu Industrial Investment Corporation Limited seeks an order to determine the liability of the respondents at Rs.4,27,84,860/-.
2. The first respondent is a company and respondents 2 and 3 are it's directors. The respondents have borrowed monies from the petitioner's Corporation and had availed various credit facilities. A total sum of Rs.37,25,000/- was sanctioned to the respondents. The respondents 2 and 3 have also guaranteed the repayment of the outstanding loans. Since the respondents failed and neglected to pay any monies as agreed to operation was forced to exercise at right under Section 31 of the State Financial Corporation Act for sale of the immovable property and machinery. The amounts realized by sale were given credit to under various accounts, leaving a balance of Rs.4,27,84,860/-.
3. Despite notice, the respondents did not appear either in person or through counsel, duly instructed. An Officer of the Corporation was examined as P.W.1, he has produced the original terms and conditions of loan as Ex.P2, original title deeds and loan documents as Exs.P3 to P11. Exs.P12 and P13 are
the notices and returned postal covers. Ex.P14 is the certified copy of statement of accounts sheets. The deeds of guarantee executed by the respondents 2 and 3 have also filed as Exs.P10 and P11.
4. From the above oral and documentary evidence, I find that the petitioner/Corporation had established that the amount claimed in the original petition is due and payable by the respondents. Hence, the original petition is allowed as prayed for. No costs.
11.04.2019 kkn
R.SUBRAMANIAN, J.
kkn O.P.No. 35 of 2012 11.04.2019