Partly allowed

Pradeep Ku.Saha v. Utkal Grameen Bank

Orissa HC14 Sept 2017WP(C)/19466/2017

Case brief

AI extract

What is this about?

The High Court directed the respondent Bank to initiate One Time Settlement or rephusment proceedings for the petitioner. The petitioner must deposit Rs. 5.00 lakh within four weeks. Recovery proceedings are stayed for eight weeks from the judgment date.

What did the court decide?

Directed to deposit Rs. 5.00 lakh within 4 weeks; OTS considered within 4 weeks thereafter; Recovery proceedings stayed for 8 weeks.

W.P.(C) No.19466 of 2017 02. 14.9.2017 Heard learned counsel for the petitioner and Shri Ashu tosh Panda, advocate, who on instructions appears for the opposite party-Bank. This writ petition has been filed praying for a direction to t he opposite party-Bank to settle the loan account of the petitioner by way of one time settlem ent.

Learned counsel for the petitioner submits that the petitioner had availed a loan from the opposite party-Bank and due to default in repayment of the same, the Bank filed OA No.65 of 2015, before the Debts Recovery Tribunal, Cuttack, for recovery of the loan dues. Subsequently, the Tribunal passed a decree for realization of Rs.10,34,649/- w ith pendente lite and future interest. Pursuant to such decree, recovery proceeding has been initiated vide R.P.No.006 of 2017/CTC, for recovery of Rs.13,72,911/-. It is submitted that t he petitioner is ready and willing to deposit a substantial amount with the Bank towards down payment and file an application for one time settlement/rephasement of the loan account in sat isfaction of the decree, which may be considered by the Bank sympathetically and as has been d one in similar other cases.

Learned counsel for the Bank-opposite party on instructions su bmits that the present loan dues outstanding against the petitioner is about Rs.14.62 lakh, as per the decree passed by the Debts Recovery Tribunal, Cuttack, in OA No.65 of 2015. It is fa irly submitted that if the petitioner deposits a substantial amount with the Bank towards down payment and make an application for one time settlement/ rephasement of the balance loan amou nt, the Bank shall consider the same in terms of its existing guidelines and as has been done in similar other cases.

Considering the submissions made, it is directed that in the event the petitioner deposits an amount of Rs.5.00 lakh with the Bank within fo ur weeks hence along with an application for one time settlement/rephasement of the balance lo an amount, the Bank shall consider the same in terms of its existing guidelines and as has bee n done in similar other cases and take a decision thereon within four weeks thereafter. For a period of eight weeks, further proceeding in R.P. No.006 /2017/CTC, arising out of OA No.65 of 2015, pending before the Debts Recovery Tribunal, Cuttac k, shall remain stayed.

It is needless to say that if the petitioner does not deposit the amount as directed above within the stipulated period or defaults in making paymen t of the subsequent installments to be fixed by the Bank after rephasement, the Bank shall be at liberty to take recourse to such steps as provided in law.

Pradeep Ku.Saha v. Utkal Grameen Bank

Case brief

What is this about?

What did the court decide?

Pradeep Ku.Saha v. Utkal Grameen Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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