SAROJ KUMAR SAHOO Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) This matter is taken up through Virtual Mode.

(2.) The petitioner is a defaulting borrower of a term loan for an amount of Rs.14,50,000.00 raised from the Corporation Bank, Talcher Branch (now merged with the Union Bank of India) on 29/12/2015. Due to lack of financial discipline, the loan account was declared as NPA on 29/4/2017, the recovery process under the SARFAESI Act, 2002 was initiated by issuance of a Demand Notice under Sec. 13 (2) on 15/5/2017 which has, over the period of time culminated into putting the mortgaged property (offered as a collateral security) to auction on 20/1/2022.

(3.) The instant writ petition has been filed challenging the e-auction notice for the sale fixed today on the ground of arbitrary charging of certain amounts towards outstanding amount.