Authority: High Court of Gujarat at Ahmedabad
Order Date: 04/08/2026
Case Overview
- Petitioners: M/s Ramniklal Vrajlal and Co. (proprietor Ramniklal Hareshbhai Bagadia) filed Special Civil Application No.1212 of 2024 against State of Gujarat and others, seeking reduction of interest payable to Respondent No.2 Bank from 16% to 10% and waiver of legal fees.
- Respondents: State of Gujarat (Respondent No.1) and Respondent No.2 Bank, represented by counsel Mr. Dipan Desai and Ms. Jeni Thakore.
- The petitioner argued the interest rate was excessive; the bank agreed to the reduced rate and to forgo legal expenses.
- The petitioner undertook to settle outstanding dues by 31 January 2027.
Final Outcome
- The court accepted the agreement, granted permission to withdraw the petition, and discharged the notice.
- No order as to costs was made.
- Effective terms: interest rate reduced to 10%, legal fees waived, dues to be cleared by 31‑01‑2027.
Topics: Legal Dispute, Banking, Court Order