Jayanti Dash v. Uco Bank, Sambalpur

IN THE HIGH COURT OF ORISSA AT CUTTACK

W.P.(C) No.20574 of 2022 Jayanti Dash and Another ....

Petitioners Mr. Amit Prasad Bose, Advocate -versusUCO Bank, Sambalpur and Others ....

Opp.Parties Mr. Bibhuti Bhusan Swain, Advocate for the Bank

CORAM:

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

ORDER (Oral) 13.09.2022 02.

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

The mother-son duo are stated to have availed Cash Credit Limit facility for a sum of Rs.20 lakhs from UCO Bank, Anugul Branch, Anugul on 29.09.2018. Due to financial indiscipline, the loan account was declared as NPA on 05.03.2022 leading to issuance of a demand notice dated 30.03.2022 under Section 13(2) of the SARFAESI Act, 2002 recalling the outstanding liability of Rs.20,40,000/- approximately. The recovery process had culminated into fixing the auction sale of the mortgaged property on 22.08.2022.

2.

This Court on the willingness of the petitioners to deposit substantial amounts stayed the conclusion of the auction proceedings subject to the petitioners

// 2 // depositing a sum of Rs.15 lakhs by way of two installments to be paid by 12.09.2022.

3.

At the time of resumed hearing today, counsel for the parties are agreed that the present writ petition has become infructuous, in view of the loan account itself having been liquidated upon deposits of an agreed amount between the parties.

4.

In view of the above, the writ petition is dismissed as infructuous.

(Jaswant Singh) Judge (M. S. Raman) Judge Basudev 13th September, 2022 Cuttack