SANTOSH DEVI AGARWAL Vs. REGIONAL MANAGER

JUDGEMENT

(1.) The petitioner-Mrs. Santosh Devi Agarwal is the widow of guarantor, late Bijaya Kumar Agrawalla, who had offered his immovable property as a collateral security for a loan availed by M/s. Solar Air Products Pvt. Ltd./O.P. No.3 from UCO Bank, Angul Branch, Angul for a sum of Rs.1,50,00,000.00 in the year 2009. Due to financial indiscipline, the loan account was classified as NPA on 31/3/2015 recalling the outstanding liability of Rs.86,68,066.00along with future interest due as on 31/3/2015. The symbolic possession of the collateral security was assumed on 20/8/2015 by issuance of a notice under Sec. 13(4) of the SARFAESI Act, 2002. Subsequently vide the impugned E-auction sale notice dtd. 23/8/2021 (Annexure-4), the mortgaged property has been notified for auction sale on 24/9/2021. It is this notice (Annexure-4) which primarily is the subject matter of challenge in the present writ petition.

(2.) At the time of hearing, Mr. Swain appearing for the Bank upon advance notice states that the present writ petition has become infructuous as the auction slated for the said date had failed for lack of any intending bidders. He further states that the defaulting borrower/O.P. No.3 herein has already filed a S.A. before the DRT, Cuttack challenging the recovery process initiated under the SARFAESI Act, 2002.

(3.) Learned counsel for the petitioner in view of the statement made by the learned counsel for the Bank prays for permission to withdraw the writ petition in order to enable the petitioner to seek her available remedy in accordance with law.