Authority: High Court of Gujarat at Ahmedabad
Order Date: 04/08/2026
Case Overview
- Petitioners: M/s Parimal Brothers & Anr., represented by proprietor Mr. Parimal Vrajlal Bagadia and counsel Mr. Harshil C. Dattani, sought reduction of the simple interest rate charged by Respondent No.2 Bank from 16% to 10% and waiver of legal fees.
- Respondents: State of Gujarat & Ors.; Respondent No.2 Bank, represented by counsel Mr. Dipan Desai and Ms. Jeni Thakore, agreed to the requested terms.
- The petition was filed as Special Civil Application No.1469 of 2024.
- The petitioner affirmed that, following the bank’s demand notice, the outstanding dues would be cleared no later than 31 January 2027.
Final Outcome
- The court granted permission to withdraw the petition on the basis of the bank’s concession.
- The petition stands disposed of as withdrawn; no order as to costs.
- Effective terms: interest rate reduced to 10% and legal expenses waived; petitioner to settle dues by 31‑01‑2027.
Topics: Legal Settlement, Banking Interest