THE HON’BLE SRI JUSTICE P.NAVEEN RAO WRIT PETITION No.28443 of 2014 Dated : 22.09.2014 Between:
M/s.Green India Camphors Pvt. Ltd., Rep., by its Director Sri Alapati Ambica Vinayaka Surya Kumar, 22B-8-23, Ambica Street, Powerpet, Eluru, West Godavari District.
And Corporation Bank, Rep., by its Manager, Eluru Branch, Eluru, West Godavari District.
.. Petitioner .. Respondent This Court made the following :
THE HON’BLE SRI JUSTICE P.NAVEEN RAO WRIT PETITION No.28443 of 2014 ORDER :
The petitioner obtained term loan as well as cash credit from the respondent-Bank. Alleging that the petitioner has failed to repay the loan borrowed by it a notice dated 25.08.2014 is caused by the respondent Bank alleging that repayment schedule is not adhered to by the petitioner and failed to keep up the repayment schedule as agreed upon. It was alleged that an amount of Rs.20,95,722.79 is due as on 23.08.2014 towards cash credit, and an amount of Rs.2,74,458/- is due towards TLS component of the loan to which interest would be added from 01.04.2014. In response, the petitioner submitted a representation dated 03.09.2014 and in the said representation it was brought to the notice of the respondent-Bank, expressing its difficulty the petitioner has submitted representations on 14.03.2014 and 31.07.2014, but no response is received from the respondent-Bank. In the said representation a further request is made to the Bank to invoke the Guarantee scheme and pursue the matter with the trust as requested by the petitioner earlier. The petitioner also requested to sell the hypothecated machinery, but so far no orders are passed and on the contrary, the respondents are trying to take coercive steps. Hence, this writ petition.
2. Having regard to the above facts, without expressing any opinion on merits, the writ petition is disposed of directing the respondent-Bank to consider the representation submitted by the petitioner on 14.03.2014, 31.07.2014 and 03.09.2014 and pass appropriate orders as warranted by law, before taking further action pursuant to the notice dated 25.08.2014. There shall be no order as to costs.
3. Miscellaneous petitions, if any, pending in this writ petition, shall stand closed.
P.NAVEEN RAO,J 22nd September, 2014 Rds