NARAYAN BHARATHAN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Petitioner is one of the partners of a Firm by name 'Asiatic Export Enterprises' (hereinafter referred to as 'the Firm'). The prayer in the Writ Petition is to order the Respondents, which are the State Bank of India and its Managing Director, to pay an amount of Rs.1,28,72,867.00 as on 24/4/2018 together with interest thereon due to the Petitioner in the name of the Firm.

(2.) The dispute in this Writ Petition is with respect to payment of interest for the period from 18/7/2012 to 10/12/2015 on an amount kept under Fixed Deposit by the Firm with the Respondent No.1/Bank. The Firm had made a Fixed Deposit of an amount of Rs.7.22 Crores with the Respondent No.1/Bank on 19/7/2011 for a period of twelve months. The Petitioner and his family members including his late father, Sri. P. Bharathan Pillai, were the partners of the Firm. On account of the dispute regarding the share of the father of the Petitioner in the Firm, the accounts of the Firm could not be operated for some time. The Petitioner and his mother had approached this Court by filing W.P.(C) No.15008/2015 seeking direction to the Respondent No.1/Bank to release the fixed deposits of the Firm, etc., which was disposed of by Ext.P1 judgment dtd. 9/7/2015. Though the Respondent No.1 as well as the Petitioner and his mother filed Writ Appeals, the same were dismissed as per Ext.P2 judgment dtd. 13/8/2015 confirming Ext.P1 judgment. Pursuant to the direction in Ext.P1, the Respondent No.1 paid Rs.9,39,21,039.00 after deducting TDS to the Firm on 10/12/2015. The Petitioner disputed the maturity value of the Fixed Deposit and filed this Writ Petition.

(3.) The Petitioner claimed interest for the period from the date of maturity of the original Fixed Deposit for 12 Months, to the date of payment, i.e., from 18/7/2012 to 10/12/2015. The Respondents filed Counter Affidavit admitting the liability to pay interest for the period from 13/5/2013 to 10/12/2015 and stated that the amount representing the interest for the said period is Rs.41,99,765.00. As per Interim Order dtd. 21/11/2018, this Court directed to pay the said amount to the account of the Firm making it clear that the question of maintainability of the Writ Petition with regard to the payment of any further amount shall be considered in due course. Now the subsisting dispute in the Writ Petition is regarding the interest for the period from 18/7/2012 to 12/5/2013, since interest from 13/5/2013 to 10/12/2015 is already paid by the Bank.