PARAS LUBRICANTS LTD Vs. ORIENTAL BANK OF COMMERCE

JUDGEMENT

(1.) BY virtue of this writ petition, the Petitioner seeks release of the Title Deeds in respect of the following properties:

(2.) THE case of the Petitioner is that the Petitioner is a limited company engaged in the business of manufacturing and sale of various kinds of lubricants and allied products. The Petitioner obtained certain loan facilities from Respondent No.2 Oriental Bank of Commerce (the Bank), which has its head office at E Block, Harsha Bhawan, Connaught Place, New Delhi. To secure the said loan facility, the Petitioner was required by the Bank to procure certain personal guarantee and to deposit original Title Deeds of immoveable properties. The grievance of the Petitioner is that although the loan amount has since been cleared by the Petitioner, yet, the Bank has failed to return the title deeds of the earlier said properties to the Petitioner. The Petitioner further refers to a settlement dated 14.03.2009 whereby also the Bank undertook to return the title deeds.

(3.) IT is urged by the learned counsel for the Respondent Bank that the title deeds in respect of properties mentioned at serial No.(v) and (vi) above have been seized by the police in connection with investigation of a case FIR No.513/2007 registered at Police Station Ashok Vihar. Rest of the Title Deeds have not been returned by the Bank as one of the conditions of the settlement dated 14.03.2009 was that all the suits and actions against the employees of the Bank were to be withdrawn by the Petitioner and all the parties.