M/S. Tsm Carrier v. Cm-Ao Indian Bank, Sambalpur

IN THE HIGH COURT OF ORISSA AT CUTTACK

W.P.(C) No.31371 of 2021 M/s TSM Carrier, represented by it's proprietor, Sri Priti Ranjan Bhanja and Another ....

Petitioners Mr. Adhiraj Mohanty, Advocate -versusIndian Bank, represented through its Chief Manager/Authorized Officer, Zonal Office, Sambalpur and Others ....

Opp. Parties Mr. Tuna Sahu, Advocate for the Bank

CORAM:

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

ORDER (Oral) 18.02.2022 03.

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

2. The petitioners had availed a Cash Credit facility from the Indian Bank, Keonjhar Branch-2, Keonjhar in the year 2009 for a sum of Rs.50 lakhs.

3. Due to lack of financial discipline, the account was declared NPA on 31.03.2021 and Demand Notice under Section 13(2) of the SARFAESI Act, 2002 (for short "the Act, 2002) was issued against the petitioners on 13.07.2021 demanding a sum of Rs.60,68,000/- as on 01.07.2021. Thereafter possession notice under Section

// 2 // 13(4) of the Act, 2002 was issued on 16.09.2021 and the Authorised Officer took symbolic possession of the properties. Challenge in the instant petition is to the notice issued under Section 13(4) of the Act, 2002.

4. At the time of hearing, Mr. Tuna Sahu states that the present writ petition has become infructuous in view of the NPA loan account having been upgraded to a regular account on 13.12.2021 upon deposits of the amounts over due by the petitioners.

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

(Jaswant Singh) Judge (M.S. Raman) Judge February 18th, 2022 Cuttack AKK