Niranjan Swain v. Pegasus Assests Reconstruction Pvt.Ltd.
IN THE HIGH COURT OF ORISSA AT CUTTACK
W.P.(C) No.33920 of 2021 Niranjan Swain & Others ....
Petitioners Mr. A.C.R. Das, Advocate -versusPegasus Assets Reconstruction Pvt. Ltd. & Others ....
Opp. Parties None
CORAM:
JUSTICE JASWANT SINGH JUSTICE M.S. RAMAN ORDER (Oral) 09.09.2022 01.
This matter is taken up through virtual/physical mode. Order No.
1.
The Partnership Firm-M/s.
Sparktech Engineering and Construction Company had availed a loan/Cash Credit facilities to the tune of Rs.1,93,15,264/- from Catholic Syrian Bank in the year 2009. Petitioners are the partners of the borrowing firm or the guarantors having offered their immovable property as collateral security. Due to financial indiscipline, the loan account was classified as NPA on 31.12.2011 and a notice under Section 13(2) of the SARFAESI Act, 2002 was issued to the borrowers/guarantors by the Catholic Syrian Bank recalling the outstanding liabilities of Rs.1,93,15,264/- and general charges etc. The Bank is stated to have also filed an Original Application before the DRT, Cuttack for recovery of the outstanding liabilities. It transpires that the aforesaid
// 2 // bad debt was assigned to the Pegasus Assets Reconstruction Pvt. Ltd., who thereafter initiated the recovery process under the SARFAESI Act, 2002. The petitioners concededly filed S.A. No.124 of 2021 before the DRT, Cuttack.
2.
The present writ petition has been filed with the prayer that the auction of the mortgaged property of the petitioners should be ordered to be stayed till the hearing of the aforesaid S.A. No.124 of 2021, which is not being heard due to the absence of the Presiding Officer of DRT, Cuttack.
3. At the time of hearing, learned counsel for the petitioners in view of the aforesaid DRT being fully functional, has prayed for an unconditional withdrawal of the Writ Petition. A Memo to the same effect has been filed. The Memo be kept on record.
4. In view of the Memo filed, the Writ Petition is dismissed as withdrawn.
(Jaswant Singh) Judge (M. S. Raman) Judge AKK September 9th, 2022 Cuttack