Heard Mr. Mohapatra, learned counsel for the petitioner and Mr. B.N.Udgata, learned co
unsel for the opp. parties-Bank.
Mr. Mohapatra, learned counsel for the petitioner submits that the petitioner has subm
itted a fresh O.T.S. proposal under cover of his letter dated 23.2.2016 for Rs.86.00 lakhs, bu
t admittedly, he has not deposited any upfront amount for consideration of the same. In the me
antime, the mortgaged assets of the petitioner which happens to be the residential building ha
ve been put for auction sale yesterday (07.09.2016).
Considering the aforesaid circumstances and after hearing learned counsel for the part
ies, we direct the petitioner to deposit a sum of Rs.20.00 lakhs before the Bank within a peri
od of two weeks from today. On such deposit being made, the Bank shall do well to consider the
OTS proposal and the auction sale if effected yesterday shall not be confirmed nor the petiti
oner shall be evicted from the premises in question until a decision is taken by the Bank on t
he OTS proposal of the petitioner. It is also made clear that on such deposit, the petitioner
is at liberty to move the Bank for being granted permission to occupy the house and the terms
and conditions of such permission shall be fixed by the Bank.
With such observations and directions, the writ application is disposed of.
Accordingly, all the pending Misc. Cases stands disposed of.
Urgent certified copy of this order be granted on proper application.
.. I. Mahanty, J.
