Siba Sankar Sahoo v. Ao,State Bank Of India,Jajpur

IN THE HIGH COURT OF ORISSA AT CUTTACK

W.P.(C) No.12546 of 2022 Siba Sankar Sahoo ....

Petitioner Mr. Nalini Kanta Dash, Advocate -versusAuthorized Officer, State Bank of India, RACC, Jajpur Road, Jajpur and another ....

Opposite Parties

CORAM:

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

ORDER (Oral) 26.07.2022 01.

1.

This matter is taken up by virtual/physical mode. 2.

The Petitioner is a defaulting borrower in a cash credit loan facility bearing Ac. No.11424458163 availed from State Bank of India, Byree Branch, Jajpur. The Petitioner is facing recovery process under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

3.

The instant writ petition has been filed challenging the communication dated 11th May, 2022, whereby the offer of an amount of Rs.10.00 lakhs for an amicable settlement has been out-rightly rejected on the ground of the realizable value of the collateral securities being much higher than the settlement amount offered by the Petitioner.

4.

After arguing for some time and having failed to convince on merits, counsel for the Petitioner prays for permission to withdraw the writ petition to enable the

// 2 // Petitioner to approach the Bank with better offer and settlement as per the regular OTS Scheme.

5.

Accordingly, the writ petition is disposed of as withdrawn with the aforesaid liberty.

Issue urgent certified copy as per rules.

(Jaswant Singh) Judge (M.S. Raman) Judge Jyostna July 26th 2022 Cuttack