BHAKTARANJAN NAYAK Vs. AUTHORIZED OFFICER CUM CHIEF MANAGER

JUDGEMENT

(1.) The petitioner is a defaulting borrower in a Housing Loan account availed from State Bank of India, Pasuda Branch, Pasuda, District-Mayurbhanj for a sum of Rs.4,93,000.00 in the year 2007, for which his father is stated to have stood as a guarantor. Due to non-deposit of the installments, recovery process under the SARFAESI Act, 2002 (for short "the Act, 2002") was initiated by issuance of a demand notice dtd. 28/11/2013 under Sec. 13(2) of the Act, 2002 recalling the outstanding amount of Rs.9,57,056.00. Subsequently symbolic possession of the mortgaged residential house was assumed on 15/3/2014 by issuance of a notice under Sec. 13(4) of the Act, 2002.

(2.) This Court vide order dtd. 13/11/2014 had granted interim protection, which reads as under:

(3.) None has come present at the time of hearing.