M/S S.P. Associates Vs Chief Manager , Union Bank of India

“Under the circumstances stated above, it is therefore prayed that your lordships may graciously be pleased to direct the opp party No 1 and 2 to settle the loan in OTS scheme as per the letter issued by the opp party No.1 and 2 dated 06.07.2024 and accept the proposal of this petitioner for OTS under CGMSE Scheme setup by the opp. party and pass an appropriate order in accordance with law;

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And / or pass such other order / orders, direction / directions, writ (s) and any other relief / reliefs as may deem just and proper;”

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Signature Not Verified

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Digitally Signed Signed by: LITARAM MURMU Designation: Personal AssistantReason: Authentication 4. Learned counsel for the Petitioner submits that the Petitioner Location: High Court of Orissa Cuttack Date: 06-Sep-2024 18:52:13

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had availed a loan of Rs.40,00 lakhs from the Opposite Party

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2

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No.2/Bank. He further submits that by vide sanctioned letter dated 24.02.2023, the Petitioner was liable to pay Rs.20.00 lakhs as per the property mortgaged by him and the balance Rs.20.00 lakhs was to be considered as per the CGTMSC Scheme.

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Learned counsel for the Petitioner further contends that the Petitioner had received notice dated 06.07.2024 for acceptance of OTS. He further submits that the Petitioner has already paid Rs.8,65,000/-. The Petitioner made a representation for settlement of the loan amount, which was rejected by the Bank. Hence, the Petitioner is constrained to approach this Court.

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Learned counsel for the Bank submits that the outstanding loan amount is Rs.51,40,000/-.

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In such view of the matter and without going into the merit of the case, this Court directs the Petitioner to approach the Opposite Parties/Bank with at least Rs.12.5 lakhs as upfront amount. In such event, the Opposite Parties/Bank shall consider his request and settle the loan amount by allowing a rephasement of loan plan.

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It is made clear that, the Opposite Parties/Bank should bear in mind the prevailing rate of interest as per the contract while settling the loan amount.

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Accordingly, the Writ Petition is disposed of. Signature Not Verified

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Digitally Signed Signed by: LITARAM MURMU Designation: Personal Assistant Reason: Authentication Location: High Court of Orissa Cuttack Date: 06-Sep-2024 18:52:13 ( Dr. S.K. Panigrahi) Judge

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( Dr. S.K. Panigrahi)

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Murmu

M/S S.P. Associates v. Chief Manager , Union Bank of India

Case brief

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M/S S.P. Associates v. Chief Manager , Union Bank of India

Case brief

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