Siva Cotton Mills (India) Pvt. Ltd vs The Reserve Bank Of India
2023 Latest Caselaw 5897 Mad

                                                                      W.P.(MD)No.20939 of 2017


                         BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT

                                              DATED : 09.06.2023

                                                     CORAM:

                                  THE HONOURABLE MR.JUSTICE B.PUGALENDHI

                                           W.P.(MD)No.20939 of 2017

                     Siva Cotton Mills (India) Pvt. Ltd.,
                     Rep. by its Managing Director
                     P.Nagarajan,
                     having office at
                     T.Kunnathur Post,
                     Peraiyur Taluk,
                     Madurai District.                                 ... Petitioner

                                                      versus


                     1. The Reserve Bank of India,
                        Chennai.

                     2. The Board for Industrial and
                           Financial Reconstruction (BIFR),
                        Rep. by its Chairman,
                        New Delhi.

                     3. The Principal Secretary,
                        Chairman & Managing Director,
                        State Industries Promotion Corporation
                           of Tamilnadu Ltd. (SIPCOT),
                        19-A, Rukmani Lakshmipathy Road,

                     1/4


https://www.mhc.tn.gov.in/judis
                                                                                 W.P.(MD)No.20939 of 2017


                         Post Box No.7223
                         Egmore, Chennai.                                         ... Respondents

                                  Writ Petition filed under Article 226 of the Constitution of India,
                     seeking for the issuance of Writ of Mandamus, to direct the 1st
                     respondent to direct the 2nd and 3rd respondents to approve the OTS
                     proposal of the petitioner Company by charging 8% interest as against
                     12% interest in the light of the guidelines of the 1st respondent as well
                     as the Judgment of the Hon'ble Apex Court dated 31.07.2009 in Civil
                     Appeal No.4970-71 of 2009 based on the representation dated
                     25.09.2017 within a time frame to be fixed by this Court.


                                        For Petitioner    : Mr.B.Prahalad Ravi

                                        For R2            : Mr.C.Nandagopal,
                                                            Central Govt. Standing Counsel


                                                           ORDER

The learned counsel appearing for the petitioner submits that the

matter is settled out of Court and therefore, the matter has become

infructuous. He has also made an endorsement to that effect.

https://www.mhc.tn.gov.in/judis W.P.(MD)No.20939 of 2017

2. In view of the said submission, this writ petition is dismissed

as infructuous. No costs.

09.06.2023 ogy NCC : Yes / No. Index : Yes / No. Internet: Yes / No.

To

1. The Reserve Bank of India, Chennai.

2. The Board for Industrial and Financial Reconstruction (BIFR), Rep. by its Chairman, New Delhi.

3. The Principal Secretary, Chairman & Managing Director, State Industries Promotion Corporation of Tamilnadu Ltd. (SIPCOT), 19-A, Rukmani Lakshmipathy Road, Post Box No.7223 Egmore, Chennai.

https://www.mhc.tn.gov.in/judis W.P.(MD)No.20939 of 2017

B.PUGALENDHI, J.

ogy

W.P.(MD)No.20939 of 2017

09.06.2023

https://www.mhc.tn.gov.in/judis