SCA/4942/2012 1/3 ORDER IN THE HIGH COURT OF GUJARAT AT AHMEDABAD SPECIAL CIVIL APPLICATION No. 4942 of 2012 ========================================================= POPULAR REALTY THRO AUTHORISEDSIGNATORY RAMANBHAI B PATEL Petitioner(s) Versus STATE OF GUJARAT & 2 Respondent(s) ========================================================= Appearance :
MR. MIHIR JOSHI, LEARNED SENIOR COUNSEL FOR MR. MITUL K. SHELAT, LEARNED COUNSEL FOR THE PETITIONER. MR. J.K. SHAH, LEARNED AGP FOR Respondent(s) : 1, NOTICE SERVED for Respondent(s) : 1, 3, MR DHARMESH V SHAH for Respondent(s) : 2, ========================================================= CORAM : HONOURABLE MR.JUSTICE KS JHAVERI Date : 03/09/2012 ORAL ORDER th
1. Rule returnable on 29 October, 2012.
2. Learned senior counsel Mr. Joshi, appearing for the petitioner submitted that the petitioners have deposited the cheques to the tune of Rs.3,92,81,677/, with the respondent Bank, details of which have been referred at page 134 of this SCA/4942/2012 2/3 ORDER petition, but the learned counsel for the petitioner seriously disputes the stand of the respondentBank with respect to the amount of Rs.1,24,69,967/ (which is rounded of to Rs.1,24,70,000/).
3. Considering the fact that the petitioner has already deposited the amount to the tune of Rs. 3,92,81,677/, the respondentBank shall be at liberty to encash the said amount. So far as the amount of Rs.1,24,70,000/ is concerned, it would be appropriate to invest the said amount in FDR, since the said amount is disputed by both the sides.
4. In view of the above, the petitioner is directed to deposit an amount of Rs.1,24,70,000/ with the Registry of this Court within a period of one month from today. On such deposit being made, the Registry shall invest the said amount in FDR with any nationalized Bank on long term basis. Interest on the said amount shall be accumulated with effect from 26th January, 2013 and the disbursement of the same shall be subject to final outcome of the present petition. Since, the respondentBank would be realizing the amount to the tune of Rs.3,92,81,677/. Therefore, the respondentBank is directed to release the security in favour of the petitioner on or before 15th February, 2013.
SCA/4942/2012 3/3 ORDER
5. At this stage, learned counsel for the respondent Bank submitted that in view of prevailing rules, it would not be possible for the respondentbank to issue "No Dues Certificate" in favour of the petitioner. I do not find any substance in the said submission advanced by the respondentBank since, the petitioner would be paying the substantial amount to the tune of Rs. 3,92,81,677/, and so far as the disbursement of the said amount is concerned, this Court has directed the petitioner to deposit the same in the manner prescribed in the earlier part of this order. Therefore, the respondentBank shall not suffer any prejudice, if "No Dues Certificate" is issued in favour of the petitioner.
(K.S.JHAVERI,J.) pawan