2015 (2) TMI 1336 - HC - Indian Laws

Transfer the fund lying in five numbers Fixed Deposits in 3rd respondent-Karur Vysya Bank Account - HELD THAT - There will be a direction to the respondent Bank to transfer the funds, as requested by the petitioner and as agreed, within a period of three weeks from the date of receipt of a copy of this order. Petition disposed off.

Summary

Issues:
- Transfer of funds from Fixed Deposits to loan account

Analysis:
The petitioner sought a direction for the transfer of funds from five Fixed Deposits in the third respondent-Karur Vysya Bank to the loan account of the Petitioner Trust in the second respondent Bank of India Anna Nagar Branch. The demand was made by the second respondent, and the third respondent bank, in a counter affidavit, agreed to comply with the request if directed by the court. The bank explicitly stated its willingness to transfer the funds as per the court's orders. Consequently, the court directed the respondent bank to transfer the funds within three weeks from the date of receipt of the court's order. The Writ Petition was disposed of with this direction, and no costs were awarded.

This judgment primarily revolves around the issue of transferring funds from Fixed Deposits to a loan account as requested by the petitioner. The court considered the stand taken by the respondent bank, which agreed to transfer the funds upon the court's direction, leading to the issuance of a specific directive for the transfer within a stipulated time frame. The court's decision was based on the mutual agreement between the parties involved and the willingness expressed by the bank to comply with the court's orders.

In conclusion, the judgment provided a clear resolution to the issue at hand by directing the respondent bank to transfer the funds in question in line with the petitioner's request and the respondent bank's agreement. The court's decision ensured the timely transfer of funds as per the demand made by the second respondent, thereby settling the matter effectively. The disposal of the Writ Petition without costs indicated a straightforward resolution based on the parties' mutual agreement and the court's directive, highlighting the efficient adjudication of the dispute regarding the fund transfer.