Disposed

Pratap K.Mohanty v. Icici Bank Ltd.

Orissa HC22 Aug 2015WP(C)/6312/2015

Case brief

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What is this about?

In a writ petition challenging a SARFAESI Act notice, the petitioner settled the loan outstanding with the bank for Rs. 10.00 lakhs via two instalments. The court disposed of the petition, directing the bank to inform the DRT and hand over documents upon final payment.

What did the court decide?

Directs petitioner to pay Rs. 10.00 lakhs in two instalments; directs bank to inform DRT of settlement and release documents upon full payment.

5. 22.8.2015 This matter is placed before the National Lok Adalat. Learned counsel for the petitioner and officers of the bank are present. This writ petition has been filed for quashing the notice dated 24.3.2015 under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002, hereinafter referred to as the SARFAESI Act by which bank has issu ed demand notice under section 13(2) of the SARFAESI Act on 27.2.2012 demanding payment of Rs. 744624/- as on 25.2.2012 with future interest and charges to be discharged in full within a pe riod of sixty days.

Petitioner in person along with his learned Advocate Mr. Bibhu Prasad Mohanty are present who have submitted that the matter has been settled in pre-conciliation with the B ank and it has been agreed upon that if sum of Rs.10.00 lakhs by way of One Time Settlement wi ll be paid the loan account of the petitioner will be closed. Petitioner has submitted that he will pay the amount, but considering the cont ention of the petitioner that instalments may be fixed. However, he has agreed to pay the tot al amount of Rs.10.00 lakhs in two equal instalments from the next month. He has further submitted that the matter since is pending before the Debt Reco very Tribunal,Cuttack, as such interest of the petitioner may be protected by directing the ba nk to apprise of the settlement so that the case pending before the Debt Recovery Tribunal,Cut tack may be withdrawn.

On the other hand, Mr. Pitambar Nayak, Debt Manager, ICCI Bank, Bhuban eswar who is present has not disputed the averments made by the petitioner and his learned cou nsel as stated in the preceding proceeding.

In view thereof, the writ petition is disposed of with a direction to the peti tioner to pay total amount of Rs.10.00 lakhs as agreed upon as against loan in question which is the subject matter of notice dated 24.3.2015 issued under section 13(4) of the SARFEISI Ac t in two equal instalments which will start from the month of September,2015. The petitioner has agreed to pay first instalment by 20.9.2015 and second instalment by 20.10.2015. Officers of the Bank have assured to apprise this order to the DRT,Cuttack and to make application before the Tribunal after loan amount will be paid after 20.10.2015 for d isposal of the proceeding pending there. In view thereof, the writ petition is disposed of in terms of as indicated her einabove.

Pratap K.Mohanty v. Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

Pratap K.Mohanty v. Icici Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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