Tamil Nadu Court: Rice Mill Owner Must Pay ₹30 Lakh or Risk Losing Property

Hey there! So, there’s been a court case involving a rice mill owner named S. Kaliayarasi and a bank manager from the Tamil Nadu Industrial Investment Corporation Limited. Here’s the scoop:

The Loan Drama

Kaliayarasi, who runs a modern rice mill, borrowed a big amount of ₹1.5 crore from the bank. The plan was to pay this back in monthly installments: ₹1.68 lakh for 40 months, then ₹2.5 lakh for 18 months, and finally ₹2.7 lakh for 14 months. She also took another loan of ₹25 lakh. But, she’s been having trouble keeping up with the payments.

Trouble with Payments

By now, Kaliayarasi has managed to pay back ₹77 lakh, but she’s still behind. Because of this, the bank sent her a notice saying they might take over her property if she doesn’t pay up. Scary, right?

The One-Time Settlement (OTS) Offer

Kaliayarasi wants to use a special offer called the One-Time Settlement (OTS) to sort things out. She’s willing to pay ₹25 lakh right now, but the bank says she needs to pay ₹30 lakh for them to even consider her offer.

Court’s Decision

Judge V. Lakshminarayanan stepped in and made a decision. Here’s what he said:

• Kaliayarasi must pay ₹30 lakh by September 30, 2025.
• She should submit her OTS offer along with this payment.
• If she pays, the bank has to consider her offer within three weeks.
• If she doesn’t, the bank can take her property.

What Happens Next?

The court will check back on October 29, 2025, to see if Kaliayarasi has followed through. If she doesn’t pay, the bank can do what they need to by law, including taking over her property.