Madras High Court
Sisco Latex Pvt Ltd vs Axis Bank Ltd on 17 February, 2021
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 17.02.2021
CORAM:
THE HON'BLE JUSTICE C.V.KARTHIKEYAN
C.S.No.15 of 2020
and O.A.Nos.25, 26 of 2020
and A.No.182 of 2020
Sisco Latex Pvt Ltd
Represented by its Director Mr.Mohit Bajaj
Unit No.29, Block II
SIDCO Electornics Complex
Thiru Vi Ka Industrial Estate,
Guindy, Chennai 600 032. ... Plaintiff
..Vs..
Axis Bank Ltd
Javahar Towers
1st Floor, New No.3, (Old No.2)
Club House Road, Anna Salai
Chennai 600 002
Represented by its Authorised Signatory ... Defendant
PRAYER : Plaint filed under and Order IV Rule 1 of Original Side Rules
read with Order VII Rule 1 read with Section 151 of Code of Civil
Procedure, 1951 read with Section 7 of Commercial Courts, Commercial
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https://www.mhc.tn.gov.in/judis/
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
Division and Commercial Appellate Division of High Courts Act, 2016
prayed for a Judgment and Decree:-
(a) Declaration to declare the demand letter dated 07.12.2019
issued by the Defendant to the Plaintiff demanding a sum of
Rs.1,92,47,823/- (Rupees One Crore Ninety Two Lakhs Forty Seven
Thousand Eight Hundred and Twenty Three only) to be repaid within a
period of 7 days as null and void and non est;
(b) Permanent Injunction restraining the Defendant and its men or
servants or agents or any person acting on its behalf from taking any action
or steps or coercive steps pursuant to the demand letter dated 07.12.2019
issued by the Defendant to the Plaintiff.
(c) Permanent Injunction restraining the Defendant its men or
servants or agents or any person acting on its behalf from insisting or
involving or linking any other issues including any family settlement with
that of the Renewal of the Working capital facility Letter dated 19.09.2019
as issued by the Defendant to the Plaintiff.
(d) Mandatory Injunction Directing the Defendant its men or
servants or agents or any person acting on its behalf to adhere to the terms
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https://www.mhc.tn.gov.in/judis/
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
and condition of the Renewal of the Working capital facility Letter dated
19.09.2019 as issued by the Defendant to the Plaintiff.
(e) For the costs of this Suit.
For Plaintiff : Mr.P.J.Rishikesh
For Defendant : M/s.Chetan Sagar
for M/s.V.V.Sivakumar
*******
JUDGMENT
Suit had been filed by the plaintiff / Sisco Latex Private Limited,
represented by its Director Mr.Mohit Bajaj, seeking a Judgment and Decree
against the defendant / Axis Bank Limited, represented by its Authorised
Signatory to the declaration to declare the letter dated 07.12.2019 issued by
the plaintiff as null and void and for consequential relief of injunction and
mandatory injunction and also for the costs of the suit.
2. The parties were referred to Mediation to effect settlement if
possible. A Joint Memo had been filed on behalf of the plaintiff and the
defendant before the Mediators Mrs.Uma Vijayakumar and
https://www.mhc.tn.gov.in/judis/
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
Ms.S.Thenmozhi. The Court placed deep appreciation to the steps taken by
the Mediators Mrs.Uma Vijayakumar and Ms.S.Thenmozhi in bringing
about an amicable settlement between the parties.
3. The Joint Memo filed on behalf of the plaintiff and the
defendant is extracted below:
"The Plaintiff and the Defendant to the above
stated Suit bearing C.S.No.15 of 2020 states as follows:
1. It is stated that the above stated Suit was filed
by the Plaintiff issued by the Defendant to the Plaintiff
demanding a sum of Rs.1,92,47,823/- to be repaid within a
period of 7 days as null and void and non est and also
sought other reliefs.
2. Pending the Suit, the Hon'ble High Court
referred the matter for mediation under the aegis of the
Mediation Centre, Madras High Court and Mrs.Uma
Vijayakumar was appointed as the Mediator. After several
rounds of talks, negotiation and deliberation and with the
effort and guidance of the Mediator, the Plaintiff and
Defendant, have fully and finally settled the dispute.
https://www.mhc.tn.gov.in/judis/
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
3. The Plaintiff has settled the entire payment
due including the Principal and Interest to the Defendant
Bank in so far as cash credit facility is concerned. The
Defendant has given the Plaintiff a BG limit of Rs.50
Lakhs and the outstanding bank guarantees to the tune of
Rs.45.57 lacs are being covered by 100% cash margin in
the name of the Plaintiff and partly by fixed deposits
standing in the name of the director of the Plaintiff,
Mr.Ashok Bajaj. In light of the above, there are no dues
from the Plaintiff except the BG, for which full margin
monies are available with the Defendant Bank and hence
the parties have given quietus to the entire issue and the
said Defendant Bank has also released all the collateral
documents to the Plaintiff.
4. In view of the above both the Parties agree
there are no claims as against each other.
Dated at Chennai on this the 9th day of
February, 2021.
sd/--- sd/---
Sisco Latex Private Limited For Axis Bank Limited
Plaintiff. Authorised Signatory.
Defendant."
https://www.mhc.tn.gov.in/judis/
C.S.No.15 of 2020, O.A.Nos.25, 26 of 2020, A.No.182 of 2020
C.V.KARTHIKEYAN, J
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4. The Joint Memo dated 09.02.2021 had been signed by the
plaintiff and the defendant.
5. In view of the same, suit is decreed in terms of the Joint Memo
of Compromise as effected under the Mediation process. No order as to
costs. All the connected applications are closed. However, the plaintiff is
permitted for refund of Court Fees. Registry is directed to refund the Court
Fees to the plaintiff / Authorised Signatory of the plaintiff with due
acknowledgment and undertaking in accordance with the rules.
17.02.2021
Index : Yes / No
Web : Yes / No
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C.S.No.15 of 2020
and O.A.Nos.25, 26 of 2020
and A.No.182 of 2020
https://www.mhc.tn.gov.in/judis/
