TRILOCHAN NAYAK Vs. UNION OF INDIA

JUDGEMENT

(1.) Petitioner is a guarantor of a Cash Credit facility with the limit of Rs.25.00 lakhs, one Working Capital Term Loan of Rs.5.00 Lakhs and one Term Loan (IND-GECLS-COVID-19) of Rs.4.90 availed by his brother Brundaban Nayak, proprietor of M/s. Mahavir Kissan Seva Kendra in the month of February, 2016 from Indian Bank, Astaranga Banch, District-Puri. Due to non-servicing of the loan accounts, the same were classified as NPA on 30/4/2021 leading to issuance of a Demand Notice dtd. 11/10/2021 issued under Sec. 13(2) of the SARFAESI Act, 2002 recalling an aggregate outstanding liabilities of Rs.33,85,308.17 due as on the said date together with future interest, incidental expenses and costs etc.

(2.) The challenge in the present Writ Petition is to the e-auction Sale Notice dtd. 5/12/2022 fixing the auction sale of the mortgaged property offered as collateral security on 9/1/2023.

(3.) At the time of hearing, upon instructions from the petitioner, learned counsel for the petitioner prays for disposing the present Writ Petition as infructuous in view of the e-auction fixed for the said date having failed for want of any intending bidders as also negotiation for an amicable settlement having been initiated.