Lalchand Jewellery v. Uco Bank And ORS.

IN THE HIGH COURT OF ORISSA AT CUTTACK

WP(C) No.17563 of 2010 M/s. Lalchand Jewellers Pvt.

Ltd.

Petitioner ....

Mr. Abhisekh Agarwal, Proxy Counsel on behalf of Mr. S. P Misra, Senior Advocate, Advocate -versusUCO Bank represented through its Chief Manager, Bhubaneswar Main Branch, Bhubaneswar and Others ....

Opp. Parties Mr. Anand Chandra Swain, Advocate for Bank

CORAM:

JUSTICE JASWANT SINGH JUSTICE M. S. RAMAN Order No.

ORDER (ORAL) 23.03.2022 06.

1. This matter is taken up by virtual/physical mode.

2. The brief facts of the case are that the Petitioner i.e. M/s. Lalchand Jewellers Pvt. Ltd. availed a cash credit loan of Rs.2 crore and a Term loan of Rs.1,87,50,000/- on 24.09.2002 from the Opposite Party No. 1 i.e. UCO Bank by hypothecation of stocks of the company and various immovable assets. Further, the Petitioner was allowed to enhance limit of cash credit on multiple occasions.

3. The claim of the Petitioner is that Rs.17,65,000/- has been deducted by the Bank illegally and arbitrarily towards processing and modification charges.

4. Aggrieved by the said deduction, the Petitioner has approached this Court to direct OP No. 1 to refund Rs.17,65,000/-.

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5. During the course of hearing, the Petitioner has filed a withdrawal memo dated 22.03.2022 to withdraw the Petition and seek his remedy before appropriate forum.

6. In view of the above memo, the Petition is disposed of as withdrawn with the liberty to the Petitioner to seek his remedy before appropriate forum.

(Jaswant Singh) Judge (M. S. Raman) Judge March 23rd 2022 Cuttack AKPradhan