ANUPAMA MOHANTY Vs. REGIONAL MANAGER

JUDGEMENT

(1.) Petitioner is a Proprietor of M/s. Sai Stone Crusher which had availed a Cash Credit facility to the tune of Rs.20.00 lakhs from United Bank of India, Chandikhole Branch, District-Jajpur, in the year 2011. Due to non-servicing of the said account, it was classified as NPA on 31/3/2013 leading to issuance of a demand notice dtd. 21/5/2013 under Sec. 13(2) of the SARFAESI Act, 2002 (for short "the Act, 2002") recalling the outstanding liability of around Rs.21.50 lakhs with interest and incidental charges. Subsequently the symbolic possession of the immovable property offered as a collateral security was also assumed vide notice dtd. 31/8/2013 under Sec. 13(4) of the Act, 2002.

(2.) The prayer in the instant writ petition is for directing the Bank to settle the outstanding liabilities under an OTS Scheme, however without making any reference to any prevailing OTS Scheme.

(3.) This Court while issuing notice vide order dtd. 27/10/2014 had granted interim protection by passing of the following order: