Petitioners challenged via W.P. directing RBI to facilitate OTS scheme benefits with City Union Bank. After representation filing and pending medical settlement, parties voluntarily agreed to a compromise. The Court disposed of the writ petition based on the recorded settlement agreement.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 21/7/2017
C O R A M
The Honourable Mr.JUSTICE S. MANIKUMAR
and The Honourable Mrs.JUSTICE V. BHAVANI SUBBAROYAN
Writ Petition No.15502 of 2016
1. M/s. Image Venture P. Ltd
No.3, 1st Cross Street
Lake Area
Nungambakkam
Chennai 600 034.
2. R. Mathiseelan
3. K. R.Senthil Kumar
4. Mrs.R.Suba ... Petitioners
Vs
1. The Regional Director
Reserve Bank of India
No.16 Rajaji Salai
Fort Glacis
Chennai 600 001.
2. The Deputy General Manager (Recovery)
City Union Bank Ltd
No.248 Gandhi Nagar
Kumbakonam 612 001.
3. The Chief Manager
City Union Bank Ltd
T.Nagar Branch
No.48 Mahalakshmi Street
T. Nagar
Chennai 600 017. ... Respondents
Petition filed under Article 226 of the Constitution of India, praying for the issuance of a writ of mandamus directing the first respondent Reserve Bank of India, Chennai, to consider and dispose of the petitioner's representation dated 4/4/2016 to get the benefit of OTS Scheme by passing appropriate orders to
the second and third respondents and also direct the second and third respondents to implement the OTS scheme benefits to the petitioners.
For Petitioners ... Mrs.S.Gomathy Nayagam,
For Respondents ... Ms.Rexy Joseph Mary
Mr.R.S.Varadarajan for R.R.2 and 3.
O R D E R (Order of the Court was made by S.Manikumar,J)
Borrower has sought for a writ of mandamus, directing the Reserve Bank of India, Chennai/first respondent, to direct the City Union Bank, Chennai/second respondent, to consider the representation, dated 4/4/2016, to get the benefit of OTS scheme.
"The Respondent Bank has come out with a compromise term whereby the Borrower has to pay the total amount of Rs.248.00 lakhs on or before 30/11/2017, failing which the respondent Bank may realise the above amount including by sale of the property. It was further terms that the respondent Bank would be entitled to an interest of 10.50% p.a., on the sum of Rs.248.00 lakhs, if the petitioner fails to make payment, on or before 30/10/2017, till the date realisation. Petitioner would withdraw all pending legal proceedings before all forums in this regards and respondent will withdraw all proceedings on recovery of the aforesaid sum." 6. This writ petition stands disposed of, in terms of the agreement arrived at, between the parties. No costs. Sd/Asst.Registrar (CS V ) /true copy/ Sub Asst. Registrar mvs. To 1. The Regional Director Reserve Bank of India No.16 Rajaji Salai Fort Glacis Chennai 600 001. +1cc to Mr.R.s.Varadaraja, Advocate Sr. 51772 +1cc to M/S.King & Patridge, Advocate Srs. 51584 +2ccs to Mr.r.T.Chidambaram, Advocate Sr. 51562 W.P.No.15502 of 2016 AR(V) VR(08/08/2017)
1 issue framed by the court
Whether the writ petition seeking OTS scheme benefit must be disposed of after parties reached an amicable settlement?
M/s. Image Venture P. Ltd
R. Mathiseelan
K. R.Senthil Kumar
Mrs.R.Suba
The Regional Director Reserve Bank of India
City Union Bank Ltd
S. MANIKUMAR
V. BHAVANI SUBBAROYAN
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
