1 BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED:06.04.2011 CORAM: THE HONOURABLE MS.JUSTICE K.SUGUNA AND THE HONOURABLE MR.JUSTICE A.ARUMUGHASWAMY WP(MD)No.2178 of 2011 and MP.No.1 of 2011 M/s.C.P.S.Oil Mill, Represented by its Proprietor P.Varatharajan, No.45, Trichy Main Road, Thirumanaliyur, Karur District 639 003. :Petitioner -Vs- 1.The Reserve Bank of India, Represented by its Chief General Manager, Department of Payment & Settlement Systems, Central Officer, Mumbai. 2.ICICI Bank Ltd., ICICI Bank Towers – RERMAG, SP 24, South Phase, 4th Floor West Wing, Ambattur Industrial Estate, Ambattur, Chennai 600 058, Rep by Chief Manager, Authorized Officer, Mr.P.Subramanian. :Respondents PRAYER:Writ Petition is filed under Article 226 of the Constitution of India praying to issue a Writ of Mandamus forbearing the second respondent from taking possession of the petitioner's company – M/s.C.P.S.Oil Mill, at No.45, Trichy Main Road, Thirumanaliyur, Karur, without following due process of law. For Petitioner : Mr.D.Selvaraj For Respondents: Mr.Pala Ramasamy,Standing Counsel ORDER [Order of the Court was made BY K.SUGUNA, J] This Writ Petition is filed for the issue of a Writ of Mandamus forbearing the second respondent bank from taking possession of the petitioner's company – M/s.C.P.S.Oil Mill, at No.45, Trichy Main Road, Thirumanaliyur, Karur, without following due process of law. 2.The case of the petitioner is that he is the Proprietor of M/s.C.P.S.Oil Mill, at No.45, Trichy Main Road, Thirumanaliyur, Karur. He has entered into an agreement on 17.03.2006 under Agri Over Draft Loan facility with the second respondent for a sum of Rs.46,30,000/- in loan account No.607205020398. However, the petitioner had committed a default in repaying the said loan amount. Therefore, the second respondent bank has taken steps for recovery of the said loan amount. Though it is the grievance of the petitioner that such steps can be taken only in accordance with law, during the course of arguments, the learned counsel for the petitioner has submitted that the petitioner is willing to repay the entire loan amount within a period of eight weeks in two equal installment basis. https://hcservices.ecourts.gov.in/hcservices/ 2 3.According to the learned Standing Counsel for the respondents bank, six weeks time may be granted to the petitioner to repay the said loan amount. 4.Taking note of the amount to be repaid by the petitioner, we are of the considered view that the request of the petitioner seeking eight weeks to repay the loan amount is reasonable. 5.In the result, the Writ Petition is disposed of in the following terms:- Liberty is granted to the petitioner to make the payment of Rs.64,61,596.59, as per the memo filed by the second respondent bank today in two equal installments.  The first equal installment of 50% shall be paid within a period of four weeks from today.  The second and final equal installment of 50% shall be paid within a period of four weeks thereafter.  It is made clear that in the event of failure on the part of the petitioner to repay the said loan amount within the time stipulated in this order, the second respondent bank is at liberty to proceed as against the petitioner in accordance with law. No costs. Consequently, connected Miscellaneous Petition is closed. Sd/- Assistant Registrar (CO) / TRUE COPY / Sub Assistant Registrar To: 1.The Chief General Manager, Reserve Bank of India, Department of Payment & Settlement Systems, Central Officer, Mumbai. 2.The Chief Manager, Authorized Officer, ICICI Bank Ltd., ICICI Bank Towers – RERMAG, SP 24, South Phase, 4th Floor West Wing, Ambattur Industrial Estate, Ambattur, Chennai 600 058, +1CC to Mr.D.Selvaraj, Advocate. SR.No.12800. NB RP/08.06.2011/2P/4C. ORDER MADE IN W.P.(MD).No.2178 of 2011 AND MP(MD)NO.1 OF 2011 06.04.2011 https://hcservices.ecourts.gov.in/hcservices/