ABHISHEK ENTERPRISES Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) The petitioner is a defaulting loanee in a cash credit loan availed with a limit of Rs.10.00 lakhs from Urban Co-operative Bank Ltd., Chandini Chowk Evening Branch, Cuttack on 6/8/2007. Due to default in servicing the loan account, the same was declared as NPA on 31/3/2012 leading to issuance of a demand notice dtd. 6/7/2013 under Sec. 13 (2) of the SARFAESI Act, 2002 recalling the outstanding liabilities of Rs.11,68.102.40. Thereafter the symbolic possession of the secured asset was assumed on 19/7/2013.

(2.) By filing the present writ petition, challenge has been laid to action of the Bank to put the residential house/mortgaged property to auction for recovering the outstanding liabilities of Rs.12,18,312.40 as on 30/6/2013 together with interest, costs and incidental charges.

(3.) Upon willingness of the petitioner to clear the outstanding liabilities within a reasonable time, this Court on 17/2/2022 passed the following order :