Disposed

M/S.Nagoorar Constructions Private v. M/S.Indian Bank

Madras HC13 Feb 2024WP/24864/2023

Case brief

AI extract

What is this about?

A company sought return of a sale deed deposited with Indian Bank's stressed assets branches as loan security. The bank, on the petitioner's affidavit undertaking to discharge liabilities from sale proceeds, agreed to hand over the deed within a week; the writ was disposed of accordingly.

What did the court decide?

Sale deed to be returned to petitioner within one week, per bank's consent; writ disposed in terms of order.

M/S.Nagoorar Constructions Private Vs M/S.Indian Bank — Banking and Recovery | Madras HC (2024)

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2024:MHC:6336

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W.P.No.24864 of 2023

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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DATED: 13.02.2024

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CORAM :

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THE HONOURABLE DR.JUSTICE ANITA SUMANTH

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W.P.No.24864 of 2023

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M/s. Nagoorar Constructions Private Limited, Rep. by its Managing Director Mr.N.Sahul Hameed, Old No.5, New No.11, Subramani Nagar, 3rd Main Road, Valasaravakkam, Chennai - 600 087

.. Petitioner

1.M/s.Indian Bank

Stressed Assets Management Large Branch, Rep. by its Assistant General Manager, Ethiraj Salai, Egmore, Chennai - 600 008.

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2.M/s.Indian Bank

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Stressed Assets Management Branch, Rep. by its Branch Manager, 100/101, East Avani Moola Street, Madurai - 625 001.

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.. Respondents

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Petition filed under Article 226 of the Constitution of India praying to issue a writ of mandamus directing the respondents to handover the document namely Sale Deed dated 02.08.2016 executed by M/s.Sitalakshmi Mills Limited, in favour of petitioner Nagoorar Constructions Private Limited, registered as Documet No. 5080/2016 before SRO Madurai South Joint - I, that is deposited by the petitioner with the 2nd respondent.

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https://www.mhc.tn.gov.in/judis

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W.P.No.24864 of 2023

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For Petitioner : Ms.S.Menaka For Respondents : Mr.P.V.Muralidhar for R1 No appearance for R2

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ORDER

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This writ petition has been filed by a Company seeking a mandamus directing the respondents, being the Stressed Assets Management Large Branch of the Indian Bank, to hand over the document dated 02.08.2016 executed by M/s.Sitalakshmi Mills Limited, in favour of the petitioner registered as Document No. 5080/2016 before SRO - Madurai South Joint - I, deposited with R2 to it. (sale deed in question).

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Mr.P.V.Muralidhar, learned counsel, who appears for R1, on instructions, would refer to an affidavit executed by the Managing Director of the petitioner / Company - N. Shahul Hameed, to the effect that upon receipt of the sale deed, efforts shall be taken to dispose the property and discharge the liabilities from out of the sale proceeds expeditiously.

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Hence, Mr.P.V.Muralidhar, would convey that the respondents have no objection in handing over the sale deed in question to the petitioner and that the same would be done within a

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https://www.mhc.tn.gov.in/judis

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W.P.No.24864 of 2023

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period of one week from date of receipt of a copy of this order. This is recorded.

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This writ petition stands disposed in terms of this order.

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No costs.

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13.02.2024

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Index:Yes/No Neutral Citation:Yes ssm

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1.The Assistant General Manager, M/s.Indian Bank Stressed Assets Management Large Branch, Ethiraj Salai, Egmore, Chennai - 600 008.

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2.The Branch Manager, M/s.Indian Bank Stressed Assets Management Branch, 100/101, East Avani Moola Street, Madurai - 625 001.

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https://www.mhc.tn.gov.in/judis

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W.P.No.24864 of 2023

DR. ANITA SUMANTH,J.

ssm

W.P.No.24864 of 2023

13.02.2024

https://www.mhc.tn.gov.in/judis

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M/S.Nagoorar Constructions Private v. M/S.Indian Bank

Case brief

What is this about?

What did the court decide?

M/S.Nagoorar Constructions Private v. M/S.Indian Bank

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

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