M/s. Sri Shanmuga Spinners v. The Presiding officer
Case brief
What is this about?
The petitioners filed a writ petition under Article 226 asking the High Court to direct a bank to accept a One Time Settlement proposal and defer a proposed auction sale. The Court held that invoking extraordinary jurisdiction was without valid grounds as the bank could consider the proposal at its discretion, and the matter was pending before the Debt Recovery Tribunal.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED:03.02.2021
CORAM :
THE HON'BLE MR.SANJIB BANERJEE, CHIEF JUSTICE
AND
THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY
| W.P.No.2181 of 2021 1. M/s.Sri Shanmuga Spinners, A Partnership Firm, rep. by its Partner: Having its registered office at No.2/43, Avinashi Road, Chinnampalayam, Coimbatore – 641 062. |
|---|
| 2. M/s.Sri Venkateswara Spinners, A Partnership Firm, rep. by its Partner: Having its registered office at No.2/44, Avinashi Road, |
| Chinnampalayam, Coimbatore – 641 062. 3. M/s.Sri Sivashanmuga Textiles, A Partnership Firm, rep. by its Partner: Having its registered office at No.2/2, Avinashi Road, Chinnampalayam, Coimbatore – 641 062. |
| 4. C.N.Rajan 5. C.N.Sivasubramanian 6. R.Ananthi 7. S.Rajeswari |
| 8. M.Elangovan .. Petitioners |
-vs-
Issues for consideration
2 issues framed by the court
Whether the High Court should direct the bank to accept the One Time Settlement proposal submitted by the debtors.
Whether a writ of Mandamus can compel the bank to consider a deferment of the auction sale.
Parties & counsel
- petitioner
M/s. Sri Shanmuga Spinners and Others
- respondent
Standard Chartered Bank
Coram
Sanjeev Banerjee
Case details
As recorded by the court registry
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