RINA DASH Vs. CHIEF MANAGER CUM AUTHORIZED OFFICER

JUDGEMENT

(1.) Petitioner along with her late husband are stated to have raised two Housing Loans of Rs.8.00 Lakhs sanctioned on 10/2/2004 and Rs.4.5 Lakhs sanctioned on 1/9/2006 from State Bank of India, Medical College Campus Branch, Berhampur, District-Ganjam.

(2.) Due to non-payment of the installments, the loan accounts were classified as NPA in September, 2014 leading to issuance of a demand notice dtd. 18/11/2014 under Sec. 13(2) of the SARFAESI Act, 2002 recalling the aggregate outstanding liability of Rs.10,60,381.00 due as on 17/11/2014 together with further interest, incidental expenses, cost etc.

(3.) Challenge in the present writ petition is to the notice dtd. 7/5/2016 (Annexure-3), whereby symbolic possession of the secured asset has been assumed, with a further prayer for directing the Bank to settle the account under the One Time Settlement policy.