Kumbakonam Mutual Benefit Fund Nidhi Limited v. Saraswathy .S

ORDER This application has been filed seeking modification of the order dated

16.02.2026 made in Application No.166 of 2024 in Application No.16 of 2024 in I.P.No.11 of 2019.

¶2Heard Mr.Adarsh Subramanian, learned counsel appearing for the applicants and Mr.S.Diwakar, learned counsel appearing for the respondents.

¶3The main ground on which this modification petition has been filed is that, while this Court directed KMBF to release the deposits of the respondent, a further direction was issued to release the locker deposit also, which stands in the name of the respondent. It is submitted that if the locker has to be operated, the locker deposit has to be maintained and that cannot be released by the applicants. Page5 of 8

¶4Per contra, the learned counsel for the respondents submitted that the respondents do not have a locker deposit and only a regular deposit is maintained by KMBF. Therefore, no further clarification is required.

¶5In reply to the above submission, the learned counsel for the applicants submitted that already the connected cases have been listed before the portfolio Judge and steps are being taken for the appointment of an Advocate Commissioner to take inventory from the lockers. Hence, if the respondents do not want to operate the locker and wants to close the locker deposit, an application can be moved before the portfolio Judge.

¶6In the considered view of this Court, the earlier order passed confined itself only to the deposits maintained by KMBF pertaining to the respondents. Insofar as the locker deposit is concerned, till the locker is operated, this deposit has to be maintained. If the respondents do not want to operate the locker, an appropriate application has to be moved before the portfolio Judge seeking for an appropriate direction. As and when any such application is moved, it is left open to KMBF to raise their objection.

¶7In the light of the above discussion, it is clarified that the direction issued to KMBF to release the deposits does not include the locker deposits standing in the name of the respondents. The observations made in this order Page6 of 8 will sufficiently take care of the interest of both parties. It is made clear that if there are no locker deposits, no further clarification is required.

¶8This application is disposed of with the above terms. 01-07-2026 (6/10) Index: Yes/No Speaking/Non-speaking order SSI Page7 of 8 To:

¶1The Reserve Bank of India Chennai

¶2The Secretary to Government Registration and Commercial Taxes Department, Secretariat, Fort St. George, Chennai - 600 009.

¶3The Inspector General of Registration Santhome High Road, Chennai - 4 APPLNoNo.o87oofo2026 N.ANANDoVENKATESH,oJ. SSI APPLNoNo.o87oofo2026 IN IPoNO.o11oOFo2019 01-07-2026 (6/10) Page8oofo8

Page1 of 8 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 01-07-2026 CORAM THE HON'BLE MR JUSTICE N. ANAND VENKATESH IN IP NO. 11 OF 2019 1. Kumbakonam Mutual Benefit Fund Nidhi Limited, Dharmaraja Koil Street, Saidapet, Opposite to VGP Office, Chennai-600 015. Rep.by Sridhar 2. Kumbakonam Mutual Benefit Fund Nidhi Limited, No.1, Nachiyappan Street, Mylapore, Chennai-600 004. Rep.by Umashankar 3. Kumbakonam Mutual Benefit Fund Nidhi Limited, No.10, Doraisamy Road, T.Nagar Branch, Chennai-600 017. Rep. by Mr.G.Mahendran ..Applicant(s) Vs 1. Saraswathy .S W/o.S.Sridhar, 48/30, Double Street, Vriddhachalam-606 003. 2. Mythili .N Mother of S.Sridhar, No.50, Maruthi Villa, Vallalar 3rd Cross ST, Selaiyur, Chennai-600 073. ..Respondent(s) IP No. 11 of 2019 SYED HIFZUR RAHMAN BIYABANI S/o.Syed Ataul Rahman Biyabani, Res.At 49/10, Easwaran Koil Street, West Mambalam, Chennai 600 033 Appellant(s) Page2 of 8 Vs 1. South Indian Bank Ashok Nagar Branch, Ashok Nagar, Chennai - 600 037. 2. Muthoot Mini Finance West Mambalam Branch, West Mambalam, Chennai - 600 033. 3. Muthoot Finance Mandaveli Branch, Mandaveli, Chennai - 600 028. 4. Muthoot Finance T. Nagar Branch, T. Nagar, Chennai - 600 017. 5. Muthoot Finance Mettupalayam Branch, Mettupalayam, Chennai - 600 033. 6. FED Bank Financial Services Limited No.88, Govindan Road, West Mambalam, Chennai - 600 033. 7. India Infoline Finance Limited Near VGP Office, Jones Road, Saidapet, Chennai - 600 015. 8. C. P. Jain Pawn Broker, No.21/6, South Usman Road, Hotel Aruna Building, T. Nagar, Chennai - 600 017. 9. Kumbakonam Mutual Benefit Fund Dharmaraja Koil street, Saidapet, Opp to VGP Office, Chennai - 600 015. 10.Kumbakonam Mutual Benefit Fund No.1, Nachiyappan Street, Mylapore, Chennai - 600 004. Page3 of 8 11.Asha Jain Gold Loan Old No.2 New No.3, North Road Nandhi Statue, West CIT Nagar, Nandanam, Chennai - 600 035. 12.The Reserve Bank of India Chennai 13.The Secretary to Government Registration and Commercial Taxes Department, Secretariat, Fort St. George, Chennai - 600 009. 14.The Inspector General of Registration Santhome High Road, Chennai - 4 15.Gokulam Chit and Finance Co Private Ltd. No.66, Arcot Road, Kodambakkam, Chennai - 600 024. 16.Catholic and Syrian Bank Ltd., P.B.No.1812, No.3, Dass India Towers, Second Lane Beach, Parrys, Chennai - 600 001. 17.Kumbakonam Mutual Fund T. Nagar Branch 18.Catholic Syrian Bank Kodambakkam Branch 19.The Managing Director Manapuram Gold Finance, Door No.37146 A2, 1st Floor, Kallor, Giri Nagar Main Road, Opposite Volga Tourist Home, Giri Nagar, Kadavanthra, Kochi, Kerala - 682 020. 20.Catholic and Syrian Bank Limited Royapettah Branch Respondent(s) PRAYER: To modify the order dated 16.02.2026 passed in Appln.No.125 of 2025 in Appln.No.16 of 2024 in I.P.No.11 of 2019 to the Page4 of 8 effect that the locker deposit standing in the name of the Respondent No.1 may be withheld by the Applicants so long as the locker continues to remain unoperated pursuant to the directions of this Hon'ble Court. For Applicant(s): For Respondent(s): Mr.Adarsh Subramanian Mr.S.Diwakar