KAITI KARNELI Vs. REGIONAL BRANCH MANAGER

JUDGEMENT

(1.) The petitioner is the proprietor of S.K. Aqua Solution Enterprises against whom recovery process under the SARFAESI Act, 2002 (for short "the Act, 2002") has been initiated by issuance of demand notice dtd. 6/9/2022 under Sec. 13(2) of the Act, 2002 for the defaults of payment in an overdraft facility and a term loan resulting into both the accounts being declared NPA and thus recall of an aggregate amount of Rs.20,05,775.75 due as on 5/9/2022 in both the accounts.

(2.) Challenge in the present Writ Petition is to the aforesaid demand notice with a further prayer for directing the Axis Bank, Mandiapali Branch, Gopalpur, Dist- Ganjam to restructure the accounts.

(3.) At the time of hearing, learned counsel for the petitioner prays for an unconditional withdrawal of the Writ Petition in view of the OTS application filed by the petitioner pending consideration with the Bank.