M/S.Siva Traders v. Reserve Bank Of India
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED: 24.01.2025
CORAM:
THE HONOURABLE MR.JUSTICE VIVEK KUMAR SINGH and WMP (MD) No.3505 of 2025 M/s.Siva Traders Through its Proprietor V.Selvaraj : Petitioner Vs.
1. Reserve Bank of India, Through its South Zone Manager, South Zone, Chennai.
2. M/s. ICICI Bank Limited, Through its Branch Manager, Tuticorin Branch, Tuticorin.
: Respondents P RAYER:
Writ Petitions filed under Article 226 of the Constitution of India for issuance of Writ of Mandamus, directing the first respondent to direct the second respondent Bank to furnish the petitioner the copies of necessary loan documents which are executed between the petitioner and second respondent Bank in Loan No. in Final Application No.108017 dated 05.04.2025 within a specific period.
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For Petitioner : Mr. Ka.Ramakrishnan For Respondents : Mr.Krishna for R2
O R D E R
This Writ Petition is filed by the petitioner to direct the first respondent to instruct the second respondent bank to furnish the petitioner with copies of the necessary loan documents executed between the petitioner and the second respondent bank in Final Application No. 108017, dated 05.04.2025, within a specified period.
2. The case of the petitioner is that, the petitioner, a leading trader of red chillies, availed a loan against commodities from the second respondent bank and entered into an agreement with the bank on 05.04.2024. The petitioner has been regularly repaying the interest on the loan. However, upon requesting copies of the interest paid, the petitioner received a notice from the second respondent dated 30.01.2025, threatening to sell the commodities if the borrowed amounts were not repaid immediately. Aggrieved by the notice issued by the second respondent, the petitioner has filed the present writ petition. 2/5
3. When the matter was taken up for hearing today, the learned counsel for the petitioner submitted that the petitioner is willing to settle all the outstanding dues within a period of two months. The petitioner, therefore, requests this Court to grant a period of two months to settle the entire outstanding dues.
4. The learned counsel on behalf of the second respondent Bank submitted that if the petitioner fails to make the payment within the specified period, liberty shall be granted to the Bank to proceed in accordance with the law, including taking necessary actions to recover the dues.
5. In the light of the submissions made on both sides and considering the facts and circumstances of the case, this Court is inclined to grant a period of two months to the petitioner to settle the outstanding dues. Till such time, the status quo shall be maintained between the parties. However, in the event the petitioner fails to make the payment within this period, the second respondent bank shall be at liberty to proceed with the recovery process in accordance with law. 3/5
6. With the above directions, this writ petition stands disposed of. Consequently, connected miscellaneous petition is closed. 24.01.2025 Index : Yes / No Internet : Yes / No PKN To
1. Reserve Bank of India, Through its South Zone Manager, South Zone, Chennai.
2. M/s. ICICI Bank Limited, Through its Branch Manager, Tuticorin Branch, Tuticorin.
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VIVEK KUMAR SINGH, J.
PKN W.P.(MD) No.4841 of 2025 24.01.2025 5/5