M/S Sree Gayathridevi Enterprises vs. Idfc Bank Limited

Held

The Court noted that the learned counsel for the petitioners sought leave to withdraw the petition, having filed a memo to that effect. The memo stated that the matter had been settled between the petitioner and the respondent bank, rendering the prayer sought in the petition moot. Therefore, the Court allowed the withdrawal of the petition. No specific findings on the merits of the case or the legal provisions were made, as the petition was disposed of on the basis of a settlement and withdrawal.

Facts

The petitioners, M/s. Sree Gayathridevi Enterprises and Smt. Kasthuri Uthayakumar, filed a writ petition before the Karnataka High Court. They sought a direction against the respondent, IDFC Bank Limited, to permit them to repay their entire loan amount as per a settlement letter dated August 12, 2022. This repayment was to be facilitated by allowing the petitioners to sell their property to a third party. The petitioners' counsel later filed a memo seeking to withdraw the petition.

Key Issues

The primary issue was whether the Court should issue a direction to the respondent bank to permit the petitioners to repay their loan by selling their property to a third party, as per the settlement letter. The petitioners argued that the matter had been settled between them and the respondent bank. Consequently, the prayer sought in the petition no longer survived for consideration. The respondent bank's arguments are not recorded in the judgment.