RASHMIREKHA SAHOO Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This matter is taken up by virtual/physical mode.

(2.) The Petitioner is a defaulting borrower of a term loan for a sum of Rs.72,00,000.00 availed on 26/5/2016 from the Punjab National Bank, Jajpur Road Branch. Due to financial indiscipline, the loan account was declared as NPA on 31/3/2020. The demand notice was issued under Sec. 13(2) of the SARFAESI Act, 2002 on 20/9/2021 and symbolic possession of the secured asset was assumed on 16/2/2022 by issuance of notice under Sec. 13(4) of the Act, 2002, a sale notice dtd. 9/3/2022 was issued notifying the auction date of the mortgaged property on 11/2/2022.

(3.) Upon willingness of the Petitioner to clear the entire outstanding liability within three months and to show the bona fides readiness to deposit 50% as upfront, this Court issued notice vide order dtd. 7/4/2022 while granting interim protection from sale of the property subject to deposit a sum of Rs.20.00 lakhs.