MANAS RANJAN SWAIN Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The husband-wife duo be the co-borrowers is stated to have availed an Overdraft facility and Working Capital to the tune of Rs.22,50,000.00 and Rs.50,000.00 respectively. Due to financial indiscipline, both the loan accounts were classified as NPA on 3/5/2022 leading to a Demand Notice dtd. 23/5/2022 being issued under Sec. 13(2) of the SARFAESI Act, 2002 (for short, "the Act, 2002") recalling an outstanding liability of Rs.28,51,952.00 due as on the said date. Subsequently, symbolic possession of the mortgaged property (offered as collateral security) assumed on 24/8/2022 by issuance of a Notice under Sec. 13(4) of the Act, 2002.

(2.) The present Writ Petition has been filed apprehending the proposed action of proceeding to auction the mortgaged property.

(3.) At the time of hearing, learned counsel appearing for the Bank submits that in case, the petitioner deposits 30% of Rs.29.00 Lakhs as upfront money along with an offer for a compromise settlement within next 30days from today, the same shall be considered under the regular OTS in accordance with law.