1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPLICATION NO.875 OF 2010 IN WRIT PETITION NO.7451 OF 2009 Kadwa Sahakari Sakhar Karkhana Limited Materewadi : Applicant. Versus The Union of India and ors. : Respondents. Mr. R M Haridas i/by Mr. P ;N Joshi for the Applilcant. Mr. Y S Bhate with Mr. Ashok Varma for Respondent Nos.1 to 4. Mr. S N Patil, AGP for Respondent Nos.5 and 6. Mr. Nana D Yelkar for Respondent No.8. CORAM : A. M. KHANWILKAR, R. M. SAVANT, JJ. DATED : 20 th April 2010 P.C. : 1. Heard counsel for the parties. 2. By this application it is prayed that Respondent No.8 be joined as necessary party to the writ petition. Counsel appearing for the Respondent Nos.1 to 4 and Respondent Nos.5 and 6 have not opposed this prayer. 2 3. In the circumstances, this application is made absolute in terms of prayer clause (a). Amendment shall be carried out within two weeks from today. 4. In so far as prayer clause (b) is concerned, it is not in dispute that the amount of Rs.8,11,49,256/- has been deposited by the Petitioner in the account of Respondent No.8. According to the Petitioner, it has taken loan from the Respondent No.8-Bank to the extent of Rs.17 crores. 5. In this background, it is submitted that in stead of keeping the amount deposited by the Petitioner unutilised and since the amount is quite substantial, the Petitioner may be permitted, for the time being, to repay the loan amount which is to the extent of over Rs. Seventeen Crores. The Petitioner, through counsel, undertakes that in the event, this petition fails, the Petitioner will bring back the entire amount (of Rs.8,11,49,256/- and interest accrued thereon if any) along with the interest at the rate of 14% per annum to be paid to the Respondent Nos. 1 to 4 or such other higher rate of interest as may be ordered by the Court at the time of final hearing of the Petition. Such order would be equitable to both the parties. In that, 3 the Petitioner would get the relief of reducing the liability of interest to the extent of amount of Rs.8,11,49,256/- and interest accrued thereon, which is being allowed to be utilised for repayment of loan. 6. The Petitioner, in addition, shall give bank guarantee in the sum of Rs.Nine Crores, besides the undertaking given by the Petitioner through counsel, to secure the amount which we have allowed to be utilised by the petitioner and is subject matter of the main writ petition. 7. Amount is allowed to be utilised only upon giving affidavit of undertaking and furnishing bank guarantee of a nationalized scheduled bank to the satisfaction of the Registrar of this Court. 8. The application is made absolute in terms of prayer clauses (b) and (c) on the above terms. (R.M.SAVANT, J.) (A. M. KHANWILKAR, J.)