BIMAL KUMAR SAHOO Vs. AXIS BANK LTD.

JUDGEMENT

(1.) The petitioner is a defaulter in five loan accounts, which were classified as NPA since 10/12/2018 and a demand notice dtd. 18/12/2018 under Sec. 13(2) of the SARFAESI Act, 2002 was issued recalling the outstanding liability of Rs.1,31,44,411.00 due as on that date together with future interest, expenses etc., which as of date has swelled to more than Rs.2.00 crores.

(2.) The prayer made in the present writ petition is as follows: "It is therefore prayed that the writ application be admitted notice be issued to the Opp.party to show cause as to why the bank shall not be directed to settle the loan accounts of the petitioner on the terms of the OTS proposal submitted by him, under Annexure-13 if it fails to show cause or show insufficient cause writ of mandamus be issued commanding the opp.party bank to settle the loan accounts of the petitioner on the terms of OTS proposal already submitted by him on mutual agreement under Annexure-13 towards full & final settlement. AND The bank may further be directed not to take any coercive action against the petitioner till finalization of the OTS proposal."

(3.) After arguing for some time and having failed to convince the Court for issuance of any direction, learned counsel for the petitioner prays for permission to withdraw the writ petition.