L.P. SHASHI KUMAR versus INDUSTRIAL DEV. BANK OF INDIA LTD.

L.P. SHASHI KUMAR versus INDUSTRIAL DEV. BANK OF INDIA LTD.

In view of the payment made by the appellant towards full and final settlement, the respondent bank is directed to release the securities and both parties are to withdraw their respective cases.

Parties
Appellant: L.P. Shashi Kumar; Respondent No.1: Industrial Development Bank of India Ltd.; Respondent No.3: Goldstone Technologies Ltd.
Jurisdiction
India
Judgment Date
08 February 2007
Procedural Posture
Civil Appeal / Appeal Disposed
Outcome
Appeal disposed of; no costs.
Legal Topics
Release of Securities, Full and Final Settlement of Bank Dues, Withdrawal of Cases After Settlement
Banking Law Release of Securities Full and Final Settlement of Bank Dues Withdrawal of Cases After Settlement

Case Brief

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Parties

L.P. Shashi Kumar

Appellant

Industrial Development Bank of India Ltd.

Respondent No.1

Goldstone Technologies Ltd.

Respondent No.3

Procedural Posture

Civil Appeal / Appeal Disposed

Legal Issues

  1. 1 Whether the respondent bank is obliged to release securities after full and final settlement of dues by appellant
  2. 2 Whether pending cases before High Court and Consumer Commission should be withdrawn after settlement

Ratio Decidendi

In view of the payment made by the appellant towards full and final settlement, the respondent bank is directed to release the securities and both parties are to withdraw their respective cases.

Court Disposition

Appeal disposed of; no costs.

Orders

  • IDBI is directed to release the securities to Goldstone Technologies Ltd. forthwith.
  • IDBI is directed to withdraw its writ petition filed before the High Court.