M/S. Kanthan Bio Tech v. The Authorised Officer

BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 16.03.2023 CORAM :

THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN and THE HONOURABLE MRS.JUSTICE L.VICTORIA GOWRI and WMP(MD)No.4586 of 2023 M/s.Kanthan Bio Tech, rep. by its Proprietor, M.Muniyasamy ... Petitioner vs.

1. The Authorized Officer, Tamil Nadu Mercantile Bank Ltd., Regional Office, Madurai, (For Paramakudi Branch) 30, Besant Road, Chinna Chokkikulam, Madurai-625 002.

2. The Branch Manager, Tamil Nadu Mercantile Bank Ltd., Paramakudi Branch, No.8/110 A-1 (Old) Bhavathsingh Road, Paramakudi-623707, Ramnad District.

... Respondents 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 sale notice passed by the 1st 1/4

respondent in his proceedings in CIN No.L65110TN1921PLC001908 dated 23.02.2023 and quash the same as illegal. For Petitioner : Mr.D.Senthil For Respondents : Mr.N.Dilip Kumar, Standing Counsel

ORDER

(Order of the Court was made by R.SUBRAMANIAN, J.) Mr.N.Dilip Kumar, learned standing counsel takes notice for the respondents.

2.

Challenging the sale notice dated 23.02.2023 issued by the responden Bank, fixing the sale on 17.03.2023, the petitioner has filed this writ petition.

3.

Considering the fact that the property sought to be sold is the residential house of the petitioner, the Writ Petition is disposed of with the following directions:- The respondent Bank can proceed with the sale but shall not confirm the same. The petitioner shall pay a sum of Rs.10,00,000/- (Rupees Ten Lakhs only) to the respondent Bank on or before 30.03.2023. The balance outstanding amount shall be paid in two monthly instalments, of which, the first instalment shall be paid on or 2/4

before 30.04.2023 and the second instalment shall be paid on or before 30.05.2023. If the petitioner fails to comply with the aforesaid order, the respondent Bank can proceed further for confirming the sale. No costs. Connected miscellaneous petition is closed. NCC : Yes / No [R.S.M.,J.] & [L.V.G.,J.] Index : Yes / No 16.03.2023 Internet : Yes bala 3/4

R.SUBRAMANIAN , J.

and L.VICTORIA GOWRI , J.

bala ORDER MADE IN DATED : 16.03.2023 4/4