of M/s Sri Vigneshwara Cotton Mills Ltd., Karaikudi, under SARFAESI Act. The petitioner approached the respondent and entered into a one time settlement over private treaty for purchasing the machineries for a sum of Rs.135 lakhs and paid a sum of Rs.70 Lakhs as part payment towards consideration. M/s Sri Vigneshwara Cotton Mills Ltd have also given their undertaking on 02.05.2006 to settle their dues of Rs.135 Lakhs in favour of the respondent and accepted to deliver the machinery, which was hypothecated to the respondent bank. Further, as per the request of the respondent, the petitioner has arranged a security service to safeguard the machinery lying at M/s Vigneshwara Cotton Mills Ltd and the respondent had agreed to compensate the cost incurred by the petitioner towards securing and maintaining the machines. However, the possession of the machineries could not be delivered to the petitioner due to the resistance of the Labour Union of the said mill. Subsequently, the petitioner came to know that an Official Liquidator was appointed by this Court who had taken possession of the machineries on 17.07.2007. In such circumstances, the respondent agreed to refund the sum of Rs.70 Lakhs paid by the petitioner towards consideration. However, the respondent paid only Rs.25,000/- towards security charges, despite several requests made by the petitioner. The respondent has not paid the amounts towards interest at 15% for the money deposited with the respondent and also other expenses incurred by them such as legal expenses, travelling expenses and security charges. In such circumstances, the petitioner is before this Court with this writ petition.
