2018 (3) TMI 865

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y upon the record already available with the Court. 2. Accordingly, with the consent of the learned counsels for the parties, the writ appeal is taken up for hearing and final disposal. 3. The captioned appeal, lays a challenge to the judgment, dated 24.07.2017, passed by the learned single Judge. The prayer made in the writ petition, is to the effect that, a mandamus, be issued to the appellant, to return the title documents, deposited with it, as Collateral Security, for the loan availed of by the Respondent No.1, albeit, without insistence on payment of sales tax or any other such levy. 4. The defence of the appellant before the learned single Judge, revolved around, Clauses 8 and 33 of the Hire Purchase Agreement. According to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....quired to reimburse the sum of Rs. 13,13,075/- along with interest to the appellant herein. 6.2. The other aspect, which, according to the learned Single Judge, emerged upon hearing the parties was, as to the rate at which sales tax was payable on machines, that is, at the rate of 4% or 8%. 7. Having regard to these submissions, the learned single Judge disposed of the writ petition, with a direction, that Respondent No.1 would furnish a bank guarantee, in the sum of Rs. 17,00,000/- (Rupees Seventeen lakhs only) in favour of the appellant. The needful had to be done within a fortnight from the date of receipt of a copy of the order. 7.1 Furthermore, upon receipt of bank guarantee of a reputed bank, the appellant was required to cancel....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....w that it proceeded on a consent given by the appellant, with regard to the amount, for which, bank guarantee was required to be furnished by Respondent No.1. It is further submitted by the learned counsel, that no ground, whatsoever, has been taken in the appeal impugning this aspect of the matter. 10. On the other hand, Mr.Magesh, in rejoinder, says that the appellant did not give its consent to return of the title documents with respect to the subject property, upon bank guarantee been furnished in the sum of Rs. 17,00,000/-. In other words, Mr.Magesh, says that, if bank guarantee is furnished, which would cover the interest component as well, the appellant would have no difficulty in releasing the title documents. 11. Mr.Kuberan, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....id by the writ petitioner, the first respondent / TIIC shall cancel the charge, if any and release the original title deeds and all other attendant documents pertaining to collateral security properties being two industrial sheds at SIDCO Industrial Estate, Maraimalainagar, bearing No.B37, land admeasuring an extent of 22 cents or thereabouts with 3000 sq. ft. of superstructure in the form of shed and No.B48, land admeasuring an extent of 42 cents or thereabouts with 9000 sq.ft. of superstructure in the form of shed, to the writ petitioner within a fortnight therefrom; c) After furnishing the bank guarantee as aforesaid, the writ petitioner shall submit a representation to the first respondent/TIIC raising the two pivotal aspects p....