Disposed

M/s S.V.R. Steels Private Limited v. The Indian Overseas Bank

Telangana HC10 Feb 2014WP/29675/2013

Case brief

AI extract

What is this about?

In this writ petition, the High Court directed the petitioner to repay the entire loan dues to the respondent bank by 26-03-2014. Failure to comply would allow the bank to proceed legally.

What did the court decide?

The petitioner was directed to settle the entire loan dues with the respondent bank on or before 26-03-2014. Failure to do so would allow the bank to proceed further in accordance with law.

M/s S.V.R. Steels Private Limited Vs The Indian… — Banking and Recovery | Telangana HC (2014)

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HONOURABLE SRI JUSTICE ASHUTOSH MOHUNTA AND HONOURABLE SRI JUSTICE M.SATYANARAYANA MURTHY

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WRIT PETITION No. 29675 OF 2013

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Dated: 10^th February, 2014

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BETWEEN

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M/s. S.V.R. Steels Private Limited, plot Nos 36 and 37, Opposite IOC Gate, Industrial Development Area, Kondapally Village, Kondapally Gram Panchayat, Ibrahimpatnam Mandalam, Krishna District, rep., by its Managing Director, K. Vimal Kishore, S/o late Kedarnath, aged about 47 years, Hindu, Occ: Business, r/o Satyam Tomas, D.No.5414/8-24, R.S No.453/3, 1^st Floor, Bharathi Nagar, Vijayawada

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…Petitioner

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And

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The Indian Overseas Bank, Park Road, Vijayawada, Krishna District, Pin: 520001, rep., by its authorized officer under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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…..Respondent

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HONOURABLE SRI JUSTICE ASHUTOSH MOHUNTA AND HONOURABLE SRI JUSTICE M.SATYANARAYANA MURTHY

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WRIT PETITION No. 29675 OF 2013

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ORDER: ( per the Hon'ble Sri Justice Ashutosh Mohunta)

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The petitioner filed this writ petition seeking a writ of mandamus directing the respondent not to initiate any action or proceedings consequent upon issuance of possession notice dated 01-07-2013 and to grant 20 weeks’ time for payment of the entire loan amount of Rs.2,98,01,243/-.

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Learned counsel for the petitioner states that the petitioner is ready and willing to repay the entire loan amount due to the

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respondent – Bank provided some time it given to him. She further states that the petitioner is negotiating with certain interested parties for sale of the schedule property.

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In view of the statement made by the learned counsel for the petitioner, we direct the petitioner to settle the entire dues of the respondent – Bank on or before 26-03-2014. In case, the petitioner fails to clear off the entire debt, the respondent – Bank is at liberty to proceed further in accordance with law.

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With the above direction, the writ petition is disposed of. Miscellaneous petitions, if any, pending consideration shall stand closed. No order as to costs.

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ASHUTOSH MOHUNTA, J

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M.SATYANARAYANA MURTHY, J

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Dated: 10^th February, 2014 ks

M/s S.V.R. Steels Private Limited v. The Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

M/s S.V.R. Steels Private Limited v. The Indian Overseas 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

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