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MADRAS HIGH COURT
, J
Sunaichandran Spintex (P) Ltd. Virudhunagar (M/s) v. Authorized Officer The Tamilnadu Industrial Investment Corporation Ltd Sivakasi
| Table of Content |
|---|
| 1. background on loan defaults and auction sales. (Para 1 , 2 , 3 , 4) |
| 2. details about the auction process and court orders. (Para 5 , 6 , 8) |
| 3. petitioner's compliance issues with timeline and payments. (Para 7 , 10) |
| 4. court emphasizes compliance with financial obligations. (Para 9 , 11 , 12) |
| 5. final ruling on the petition and remarks on maintainability. (Para 14 , 15 , 16) |
1. W.P(MD). No.22929 of 2021 has been filed for a mandamus directing the respondents to extend the period of time granted by the Debts Recovery Tribunal, Madurai by its order dated 13.10.2021 in S.A.No.454 of 2021 by directing the petitioner to deposit a sum of Rs.70 lakhs to the first respondent Bank.
2. The petitioner is a Textile Unit and they had borrowed a sum of Rs.1 crore from the Tamil Nadu Industrial Investment Corporation as a working capital facility. A sum of Rs.70 lakhs was disbursed on 16.11.2016 and another sum of Rs.30 lakhs was disbursed on 25.11.2016. The property which is in dispute, was offered as a collateral security. Since the petitioner did not make any regular payments and the cheques furnished by the writ petitioner got dishonored, the first respondent corporation had init
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