Disposed

M/S.B.N.Parida and Co. v. Bank of India

Orissa HC14 Sept 2017WP(C)/18740/2015

Case brief

AI extract

What is this about?

The court disposed of this writ petition challenging a demand notice under the SARFAESI Act as withdrawn by the petitioner. The court granted liberty to approach the Debt Recovery Tribunal and vacated the interim order directing deposit of loan dues.

What did the court decide?

Petitioner granted liberty to approach Debt Recovery Tribunal under Section 17 of SARFAESI Act; interim order dated 20.1.2016 vacated.

M/S.B.N.Parida and Co. Vs Bank of India — Banking and Recovery | Orissa HC (2017)

¶1

 W.P.(C) No. 18740 of 2015

¶2

8. 14.09.2017 Heard learned counsel for the petitioner and learned counsel f
or the opp.party-Bank.

¶3

 This writ petition has been filed challenging the demand notice dated
12.8.2015 (Annexure-1) issued by the opp.party-Bank under section 13(2) of the SARFAESI Act an
d subsequent notice dated 29.7.2015 (Annexure-4) issued by the opp.party-Bank for recovery of
the outstanding loan dues.

¶4

 By order dated 20.1.2016, this Court had directed the petitioner to de
posit an amount of Rs.01.00 crore in two equal monthly instalments by 18.3.2016 and by subsequ
ent order dated 23.3.2016 this Court had extended the time to deposit the amount for further
period of three weeks.

¶5

 Learned counsel for the opp.party-Bank on instruction submits that the
 petitioner has not deposited an amount of Rs.01.00 crore as had been directed vide order date
d 20.1.2016 and instead the petitioner deposited only Rs.30.00 lakhs within the stipulated per
iod.

¶6

 During course of hearing, learned counsel for the petitioner prays for
 withdrawal of the writ petition with liberty to approach the Debt Recovery Tribunal, Cuttack
as provided under section 17 of the SARFAESI Act.

¶7

Granting such liberty, the writ petition is disposed of as withdrawn.

¶8

Interim order dated 20.1.2016 stands vacated.

¶9

 Issue urgent certified copy as per rules.

¶10

S.C. Parija, J.

¶11

..
D.Dash, J.
Aks

¶12

M/S.B.N.Parida and Co. v. Bank of India

Case brief

What is this about?

What did the court decide?

M/S.B.N.Parida and Co. v. Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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