Partly allowed

Jaykay Transporters and Finance (P) Ltd. v. Union of India

Bombay HC18 Jun 2008WP/2183/2005

Case brief

AI extract

What is this about?

This writ petition was disposed of by consent. The court directed the respondent to pay interest on savings certificates from the date of investment to maturity and allowed the petitioner to seek relaxation regarding penalty for premature encashment.

What did the court decide?

Interest ordered to be paid from date of investment to maturity; petitioner allowed to seek relaxation under R.28 of N.S.C. Rules.

Jaykay Transporters and Finance (P) Ltd. Vs Union of India — Banking and Recovery | Bombay HC (2008)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

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CIVIL APPELLATE JURISDICTION

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WRIT PETITION NO.2183 OF 2005

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Jaykay Transporters &
Finance (P) Ltd.

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...Petitioner.

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vs.

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Union of India through
Department of Post.

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...Respondent.

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Mr.R.P.Mudholkar, for Petitioner.

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Mr.R.S.Apte with D.A.Dubey, for Respondent.

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CORAM: D.K.DESHMUKH &
 R.Y.GANOO, JJ.

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DATED: 18th June, 2008.

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P.C.:-

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By consent of parties, the petition is
disposed of in the following terms:-

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(i)The petitioner would, in terms of the
provisions contained in the proviso to Rule 13(1) of
the Post Office Savings Certificates Rules, 1960, be

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entitled to interest at the applicable rate as
stipulated therein from the date of the investment
until the date of maturity.

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(ii)The aforesaid payment shall be made to the
Petitioner within a period of four weeks from today.

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(iii)The directions contained in clauses (i) and
(ii) above shall be without prejudice, to the rights
of the Petitioner to submit a representation to the
Central Government to exercise the power of
relaxation with reference to the provision of Rule 28
of the National Savings Certificates (VIII Issue)
Rules,1989. In the event that such an application is
made within a period of four weeks from today, the
Central Government shall consider the representation
in accordance with law and issue a communication to
the Petitioner, recording reasons for the decision to
grant or deny, as the case may be, the benefit of the
relaxation. Such a decision shall be arrived at
within a period of three months of the receipt of the
representation by the Competent Authority. In the
event that the Central Government favourably
considers the request made on behalf of the
Petitioner, due credit shall be given for the payment

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of interest that has been effected in compliance with
the provision contained in clause (i) of this order.

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(iv)The Petition shall stand partly allowed in
the aforesaid terms in the facts and circumstances of
the case, there shall be no order as to costs.

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(D.K.DESHMUKH, J.)

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(R.Y.GANOO,J.)

Jaykay Transporters and Finance (P) Ltd. v. Union of India

Case brief

What is this about?

What did the court decide?

Jaykay Transporters and Finance (P) Ltd. v. Union of India

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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