RANJAN KUMAR SAHOO Vs. UNION OF INDIA

JUDGEMENT

(1.) This matter is taken up through hybrid arrangement (virtual/physical mode).

(2.) The petitioner is stated to have availed a Cash Credit facility for a sum of Rs.5,00,000.00 from United Bank of India, Kusupur Branch on 26/4/2010.

(3.) Due to non-servicing of the C.C. account No.0656250022394, it was declared as NPA and a Demand Notice under Sec. 13(2) of the SARFAESI Act, 2002 was issued on 8/5/2012 recalling the outstanding liability for a sum of Rs.4,76,700.00only due as on 30/4/2012. The proceeding thereafter lead to issuance of a Sale Notice dtd. 7/8/2012 seeking to auction the mortgaged properties.