M/S. Vairam Travels v. The Authorised Officer

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 08.03.2023 CORAM :

THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and WMP(MD)Nos.4552 and 4553 of 2023

1. M/s.Vairam Travels, Represented by its Sole Proprietor, Mr.R.Vairam, No.1/56, College Road, 5th Street, Subramaniapuram South, Karaikudi-630 002, Sivagangai Distict.

2. R.Vairam ... Petitioners vs.

The Authorized Officer, Indian Bank, Karaikudi Main Branch, No. 21, Koviloor Road, Karaikudi-630001, Sivagangai District.

... Respondent PRAYER : Writ Petition filed under Article 226 of the Constitution of India, for issuance of a Writ of Certiorari, calling for the records pertaining to the Impugned Notice of the respondent dated 25.01.2023 and quash the same.

1/4

For Petitioners : Mr.P.Jesus Moris Ravi For Respondent : Mr.R.Pandivel, Standing Counsel

ORDER

(Order of the Court was made by R.SUBRAMANIAN, J.) Though the challenge in the writ petition is to the seizure notice issued by the Bank to effect seizure of four Buses and two Lorries belonging to the petitioner, the learned counsel for the petitioner, upon instructions, would submit that the petitioner is ready to liquidate the entire loan, if he is given six months' time. 2.

The learned counsel for the Bank is not averse to the said idea realising the difficulties that the Bank may face in realising such huge amount by sale of vehicles alone.

3.

Hence, the Writ Petition is disposed of with the following directions:- The petitioner shall pay a sum of Rs.60,00,000/- (Rupees Sixty Lakhs only) on or before 30th March 2023. The balance amount shall be paid in five equal monthly instalments payable on or before 30th of every succeeding month. The interest that accrues on this 2/4

amount during the period of six months shall be paid along with the last instalment. If there is a default in payment of any two consecutive instalments, the Bank can proceed with seizure of vehicles. No costs. Connected miscellaneous petitions are closed. NCC : Yes / No [R.S.M.,J.] & [L.V.G.,J.] Index : Yes / No 08.03.2023 Internet : Yes bala 3/4

R.SUBRAMANIAN , J.

and L.VICTORIA GOWRI , J.

bala ORDER MADE IN DATED : 08.03.2023 4/4