Arihant Junior College, Ganjam v. Varthana Finance Priveat Ltd., Bangalore
Case brief
What is this about?
Writ petition W.P.(C) No. 8788 of 2024, High Court of Orissa at Cuttack, order dated 14.05.2024 by Justices D. Dash and V. Narasingh; petitioners Arihant Junior College, Ganjam (and others) against opposite parties Varthana Finance Private Ltd., Bangalore (and others) regarding outstanding loan dues; E-auction of secured assets fixed for 22.04.2024 did not materialize; writ disposed with directions for a two-week window to apply for One Time Settlement/Settlement/Re-phasement, lender to respond preferably within four weeks and intimate decision within one week before further loan-realization steps; counsel Kousik Ananda Guru (petitioners) and Prakash Kumar Mishra (opposite parties); no statutory provisions or case precedents cited.
What did the court decide?
Opportunity for the Petitioners to submit, within two weeks, an application with a concrete One Time Settlement/Settlement/Re-phasement proposal for the outstanding loan dues; the Opposite Parties to consider it as expeditiously as possible (preferably within four weeks of receipt) and intimate their decision within one week thereafter, before proceeding further with realization of the loan dues.