Prasanta Kumar Moharana v. Authorised Officer, Idfc First Bank Ltd., Mumbai
Case brief
What is this about?
Orissa High Court, Cuttack; WP(C) No.11029 of 2024; order dated 15.05.2024; coram D. Dash and V. Narasingh JJ.; petitioner Prasanta Kumar Moharana v. Authorised Officer/Branch Manager, IDFC First Bank Ltd.; One Time Settlement (OTS) of loan account; loan amount Rs.23,982/-; Loan Account Agreement No.80164298; Articles 226 and 227, Constitution of India; SARFAESI Act, 2002; liberty to file fresh OTS proposal; bank directed to consider and intimate decision within seven days; petition disposed without adjudication on SARFAESI enforcement.
What did the court decide?
Writ petition disposed of with liberty to the Petitioner to file a fresh application before the Opposite Parties-Bank for One Time Settlement (OTS)/settlement of the loan account with a concrete proposal within ten days; the Bank to consider and dispose of it in accordance with law and its guidelines and intimate the Petitioner within seven days of its decision.