Pradeepta Kishore Jena v. Ao Cum Cm, Uco Bank, Balasore
IN THE HIGH COURT OF ORISSA AT CUTTACK
W.P.(C) No.19301 of 2022 Pradeepta Kishore Jena ....
Petitioner Mr.Arabinda Tripathy, Advocate -versusAuthorised officer-cum-Chief Manager, UCO Bank, Balasore & another ....
Opp.parties Mr.S.K.Swain, Advocate for Bank
CORAM:
JUSTICE JASWANT SINGH JUSTICE M.S.SAHOO ORDER (Oral) 15.12.2022 Hybrid Mode Order No.
04.
1. The petitioner is a defaulting borrower of a cash credit facility availed for a sum of Rs.2.00 lakhs from UCO Bank, Bhogarai Branch, Balasore-opposite party no.2 on 22nd December,2005. Due to non-servicing of the account subsequently the said limit was converted into a term loan to be repaid in 60 EMIs @ Rs.14,351/-. Due to non- payment of 19th and subsequent instalments, the loan account was classified as NPA on 30th June, 2015.
2. It transpires that a compromise proposal offered by the petitioner was sanctioned vide letter dated 9th June, 2022 (Annexure-7), whereby the total amounts to be paid was Rs.9,70,000/- plus other expenses. It was acknowledged that amount of Rs.3,25,000/- already deposited with the Bank in "no lien account" was credited to the defaulted NPA loan account, whereas the remaining balance of Rs.6,45,000/- was to be paid by 30th June, 2022.
The petitioner concededly could pay within the stipulated time only a sum of Rs.1,10,000/- on 30th June,2022. After
// 2 // expiry of time another sum of Rs.1,50,000/- on 25th July,2022 was deposited.
3. The prayer essentially in the present petition is for extending the time for depositing the balance amount in terms of the sanctioned OTS in view of the petitioner having paid more than 50% of the compromise amount within the stipulated time and also extremely short period i.e. twenty one days extended for payment of huge amount.
4. This Court permitted the petitioner to make the deposit of the remaining balance, and position as on today is that the entire remaining balance along with interest stands paid so as to entitle the closure of the loan account. For the reasons that the petitioner had paid more than 50% of the sanctioned OTS amount within time and the time limit provided being extremely low i.e., twenty one days, we deem it expedient in the interest of justice to extend the time period provided in the sanctioned letter dated 9th June,2022 to the extent of the dates of deposit of the remaining balance along with interest. Ordered accordingly. In view of the above, the present petition is allowed to the aforesaid extent. The Bank is directed to take necessary consequential action.
(Jaswant Singh) Judge (M.S.Sahoo) Judge 15th December, 2022 Cuttack Gs/Radha