{"id":188686,"date":"2006-03-03T00:00:00","date_gmt":"2006-03-02T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/k-kandasamy-vs-the-tamilnadu-industrial-on-3-march-2006"},"modified":"2016-10-31T13:49:12","modified_gmt":"2016-10-31T08:19:12","slug":"k-kandasamy-vs-the-tamilnadu-industrial-on-3-march-2006","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/k-kandasamy-vs-the-tamilnadu-industrial-on-3-march-2006","title":{"rendered":"K.Kandasamy vs The Tamilnadu Industrial &#8230; on 3 March, 2006"},"content":{"rendered":"<div class=\"docsource_main\">Madras High Court<\/div>\n<div class=\"doc_title\">K.Kandasamy vs The Tamilnadu Industrial &#8230; on 3 March, 2006<\/div>\n<pre>       \n\n  \n\n  \n\n \n \n IN THE HIGH COURT OF JUDICATURE AT MADRAS\n\nDated: 03\/03\/2006\n\nCoram\n\nThe Hon'ble Mr. Justice P.SATHASIVAM\n\nWrit Petition No.2977 of 2004\nand\nW.P.M.P. Nos.3487 &amp; 3488 of 2004\n\n\nK.Kandasamy                            ... Petitioner\n\n-Vs-\n\nThe Tamilnadu Industrial Investment\n        Corporation Ltd.,\nrep. by its Branch Manager,\n33, Senguptha Singuthapuram,\n5th Cross, Karur-639 002.               ... Respondent\n\n        Petition  under  Article  226  of  the  Constitution  of India for the\nissuance of a Writ of Certiorarified Mandamus to call for the records  of  the\nrespondent's impugned order dated 29.01.2004 made in TIIC\/KRR\/BO\/ LAA\/2003-04,\nquash  the  same  and consequently reschedule the outstanding loan in terms of\nthe representation of the petitioner dated 06.02.2 004.\n\n!For Petitioner :  Mrs.G.Thilakavathi\n\n^For Respondent :  Mr.Kalyanaraman for\n                M\/s.Aiyer &amp; Dolia.\n\n:O R D E R\n<\/pre>\n<p>        The petitioner by name K.Kandasamy, aged about  75  years,  approached<br \/>\nthis  Court  for quashing the order of the respondent dated 29.01.2004 made in<br \/>\nTIIC\/KRR\/BO\/LAA\/2003-04.\n<\/p>\n<p>        2.   Heard  learned  counsel  for  the  petitioner  as  well  as   the<br \/>\nrespondent.\n<\/p>\n<p>        3.   In  view  of  the order to be passed here-under, I am of the view<br \/>\nthat it is  unnecessary  to  refer  the  factual  details  as  stated  by  the<br \/>\npetitioner in his affidavit and by the respondent in his counter affidavit.\n<\/p>\n<p>        4.   As  per  the  proceedings  dated  31.08.2005  of  the respondent\/<br \/>\nCorporation, the amount required to be paid by the petitioner is as follows:-\n<\/p>\n<pre>        Principal               - Rs.3,58,000.00\n        Other dues (31.8.05)    - Rs.  5,450.00\n                                -----------------\n                Total Amount    - Rs.3,63,450.00\n                                -----------------\n<\/pre>\n<p>It is  further  seen  that  the  petitioner  opted  to  avail  OTS  (One  Time<br \/>\nSettlement) Scheme, for which, he was asked to pay 20% of the OTS amount, that<br \/>\ntoo, on  or before 30.11.2005.  The balance OTS amount was required to be paid<br \/>\nin monthly instalments on or before 31.03.2006 with interest  on  the  balance<br \/>\nOTS amount at 11% from 01.12.2005 till the date of settlement of account.\n<\/p>\n<p>        As  per  the above statement, 20% of Rs.3,63,450\/-, which works out to<br \/>\nRs.73,000\/-, was paid on 31.11.2005.  A balance of Rs.2,90,450\/- was  required<br \/>\nto be  paid  on  or  before  31.3.2006  with  11%  interest.  According to the<br \/>\npetitioner, because of financial constraints and of his old age, he is not  in<br \/>\na  position  to  pay  the  entire  balance  amount  on  or before 31.3.2006 as<br \/>\ndirected, however, he gives an undertaking that he will pay Rs.50,000\/- on  or<br \/>\nbefore  31.03.2006  and  that  the balance sum of Rs.2,40,450\/- will be repaid<br \/>\nwith interest at 11% in three equal instalments.   Learned  counsel  appearing<br \/>\nfor  the  respondent submits that having availed the concession under the OTS,<br \/>\nthe petitioner is expected to pay the balance amount on or  before  31.03.2006<br \/>\nand  there  is  no  provision  for  extension as per the scheme applied to the<br \/>\npetitioner.\n<\/p>\n<p>        5.  It is not in dispute that  as  per  the  terms  of  the  OTS,  the<br \/>\npetitioner  paid  20%  of the total amount, viz., Rs.73,000\/-, even on 31.11.2\n<\/p>\n<p>005.  The balance comes to Rs.2,90,450\/- and, as per the terms, the  said  sum<br \/>\nhas to be paid before 31.03.2006 with 11% interest.  The petitioner is willing<br \/>\nto pay  Rs.50,000\/-  before  31.03.2006.    As  far  as  the balance amount of<br \/>\nRs.2,40,450\/- is concerned, he seeks further indulgence  for  payment  of  the<br \/>\nsame with 11% interest thereon in three equal instalments.\n<\/p>\n<p>        6.   Taking  note  of the grievance expressed and of the fact that the<br \/>\npetitioner is a senior citizen, aged about 75 years, and also considering  the<br \/>\nfact  that  in  terms  of  the  OTS,  he  repaid 20% of the OTS amount even on<br \/>\n31.11.2005, this Court is inclined to accept the request  of  the  petitioner.<br \/>\nAccordingly, the following direction is issued:\n<\/p>\n<p>        (a)  The  undertaking given by the petitioner for payment of Rs.50,000<br \/>\n\/- on or before 31.3.2006 is hereby recorded and he shall make the payment, as<br \/>\nper the undertaking, without default.\n<\/p>\n<p>        (b) The petitioner is permitted to pay the balance sum  of  Rs.2,40,45<br \/>\n0\/- with interest at the rate of 11% as per the order dated 31.8.2005 in three<br \/>\nequal monthly  instalments.   The amount due for the first instalment shall be<br \/>\npaid on or before 03.05.2006; second instalment on or  before  03.06.2006  and<br \/>\nthe third instalment on or before 03.07.2006.\n<\/p>\n<p>        (c)  It  is  made clear that in the case of failure on the part of the<br \/>\npetitioner to comply with any one  of  the  conditions  mentioned  above,  the<br \/>\nrespondent\/Corporation  is  free  to  recover  the  amount  in  terms  of  the<br \/>\nagreement.\n<\/p>\n<p>        7.  Writ Petition is disposed  of  on  the  above  terms.    Connected<br \/>\nMiscellaneous Petitions are closed.\n<\/p>\n<p>JI.\n<\/p>\n<p>To<br \/>\nThe Branch Manager,Tamilnadu Industrial Investment<br \/>\n        Corporation Ltd., 33, Senguptha Singuthapuram,<br \/>\n5th Cross, Karur-639 002.\n<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madras High Court K.Kandasamy vs The Tamilnadu Industrial &#8230; on 3 March, 2006 IN THE HIGH COURT OF JUDICATURE AT MADRAS Dated: 03\/03\/2006 Coram The Hon&#8217;ble Mr. Justice P.SATHASIVAM Writ Petition No.2977 of 2004 and W.P.M.P. Nos.3487 &amp; 3488 of 2004 K.Kandasamy &#8230; Petitioner -Vs- The Tamilnadu Industrial Investment Corporation Ltd., rep. by its Branch [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-188686","post","type-post","status-publish","format-standard","hentry","category-high-court","category-madras-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>K.Kandasamy vs The Tamilnadu Industrial ... on 3 March, 2006 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/k-kandasamy-vs-the-tamilnadu-industrial-on-3-march-2006\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"K.Kandasamy vs The Tamilnadu Industrial ... on 3 March, 2006 - Free Judgements of Supreme Court &amp; 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