BISHNU PRASAD MOHAPATRA Vs. AUTHORIZED

JUDGEMENT

(1.) Heard learned counsel for the petitioner and Shri C. Patra, learned counsel for the opposite parties-Bank.

(2.) This writ petition has been filed challenging the Possession Notice dated 08.01.2018 (Annexure-10), issued by the opposite parties-Bank, under Section 13(4) of the SARFAESI Act, for taking possession of the mortgaged property, for recovery of the loan dues.

(3.) Learned counsel for the petitioner submits that the petitioner had availed one cash credit loan facility of Rs. 15.00 lakhs and one house building loan of Rs. 7.00 lakhs in the year 2010 and subsequently another house building loan of Rs. 2.00 lakhs in the year 2014, for construction of his residential house. It is submitted that though the petitioner has repaid some amount, due to acute financial hardship he could not pay the balance amount, for which the Bank has initiated action under the SARFAESI Act for realisation of the loan dues. It is submitted that the petitioner is ready and willing to deposit a substantial amount towards down payment against his outstanding loan dues and shall file an application for settlement/rephasement/regularisation, which may be considered by the Bank sympathetically and as has been done in similar other cases.