JATADHARI SAHOO Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) Petitioner is the Proprietor of M/s. Balaji Packaging, who was facing recovery process under the SARFAESI Act, 2002 for the outstanding liabilities in two loan accounts, i.e., Cash Credit limit for a sum of Rs.25.00 lakhs and a Term Loan for a sum of Rs.21.00 lakhs availed in the month of March/November, 2012. Due to non-servicing of the accounts, both the accounts were declared NPA on 11/4/2015 leading to issuance of a demand notice dtd. 1/9/2015 under Sec. 13(2) of the SARFAESI Act, 2002 (for short "the Act, 2002") recalling the entire outstanding liability. Subsequently symbolic possession of the immovable collateral security was also assumed on 6/11/2015 by issuance of a notice under Sec. 13(4) of the Act, 2002.

(2.) None has come present on behalf of the petitioner and the position was the same on the previous date of hearing.

(3.) Mr. Niamati points out that as on today the aggregate outstanding amount in both the loan accounts is around Rs.84,31,000.00. He further submits that essentially the prayer in the present writ petition is for extension of time for depositing the balance amount in terms of the sanctioned OTS dtd. 15/10/2020, whereby a compromise proposal for deposit of Rs.30.00 lakhs within a period of two months was accepted, however the petitioner could only deposit a sum of Rs.4.5 lakhs within the stipulated time leading to the cancellation of the OTS for non-deposit of the balance amount of Rs.25.5 lakhs within time.