M/S. Emirates Cements INDIA PVT. LTD vs. M/S. The Travancore Cements Limited
Held
The Court ordered a phased payment schedule, directing the 1st respondent to pay Rs. 20 lakhs by 30.10.2023, followed by specific monthly installments, and the balance with eligible interest by 30.03.2024. The petitioner was granted liberty to seek a rehearing if the directions were not complied with.
Facts
The petitioner sought payment of undisputed eligible loan amounts from the 1st respondent, who admitted the liability but requested more time due to extreme financial crisis. The petitioner, also facing severe financial distress, urged for an expedited payment schedule.
Key Issues
The key legal issue was to establish a reasonable payment schedule for undisputed loan amounts owed by a financially distressed respondent to the petitioner, while balancing the financial difficulties of both parties.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN FRIDAY, THE 27TH DAY OF OCTOBER 2023 / 5TH KARTHIKA, 1945 WP(C) NO. 20108 OF 2023 PETITIONER: M/S.EMIRATES CEMENTS INDIA PVT. LTD VENGARA, MALAPPURAM- 676304 , KERALA, REPRESENTED BY ITS GENERAL MANAGER, THOMAS, S/O MATHEW, RESIDING AT PLOT NO.45, PANORAMA RESIDENCY, KUMARANASAN ROAD, KALOOR-682 017. BY ADVS. MATHEW JOHN (K) ABY J AUGUSTINE RESPONDENTS: 1 M/S.THE TRAVANCORE CEMENTS LIMITED, NATTAKOM P.O, KOTTAYAM-686 013,KERALA, REPRESENTED BY ITS MANAGING DIRECTOR, PIN - 686013 2* ADDL. R2. THE SECRETARY, INDUSTRIES DEPARTMENT, SECRETARIAT, THIRUVANANTHAPURAM-695001 *(ADDITIONAL R2 IS IMPLEADED AS PER ORDER DATED 20-10-2023 IN IA 3/2023) BY ADVS. LATHA ANAND No Advocate THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.10.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
WP(C) NO. 20108 OF 2023 2 JUDGMENT The petitioner seeks that respondents be directed to pay them the undisputed eligible amounts, which they had availed as a loan, within a time frame to be fixed by this Court.
Smt.Latha Anand – learned Standing Counsel for the 1st respon
The judgment continues below.
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