Disposed¶23

M/S. Sparktech, Engineering and Construction Company, Bbsr v. Authorised Officer, Pegasus Assets Reconstruction Pvt. Ltd., Kolkata

Orissa HC10 Mar 2025WP(C)/2922/2025

Case brief

AI extract

What is this about?

SARFAESI Act Section 13(4); possession/enforcement notice dated 22.01.2025 (Annexure-1); Pegasus Assets Reconstruction Pvt. Ltd.; Authorized Officer; writ petition withdrawn; liberty to approach Debt Recovery Tribunal, Cuttack; Sparktech Engineering and Construction Company; advocate Kshirod Kumar Sahoo; High Court of Orissa; W.P.(C) No. 2922 of 2025; disposed 10.03.2025.

What did the court decide?

Permission to withdraw the writ petition; liberty to file an appropriate application before the Debt Recovery Tribunal, Cuttack challenging the impugned notice, which may be considered in accordance with law. ¶23

M/S. Sparktech, Engineering and Construction Company… — Banking and Recovery | Orissa HC (2025)

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Signature Not Verified

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Digitally Signed Signed by: MADHUSMITA SAHOO Designation: Senior Stenographer Reason: Authentication Location: High Court of Orissa, Cuttack Date: 10-Mar-2025 15:22:11

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IN THE HIGH COURT OF ORISSA AT CUTTACK

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W.P.(C) No. 2922 OF 2025

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M/s. Sparktech, Engineering and Construction Company, Khurda and others

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…. Petitioners

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Mr. Kshirod Kumar Sahoo, Advocate

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-versus-

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Authorized Officer, Pegasus Assets Reconstruction Pvt., Ltd., Kolkata

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…. Opp. Party

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CORAM:

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JUSTICE K.R. MOHAPATRA JUSTICE SANJAY KUMAR MISHRA

ORDER

Order No.

10.03.2025

This matter is taken up through hybrid mode.

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The Petitioners in this writ petition pray for a direction to set aside the notice dated 22^nd January, 2025 (Annexure-1) issued by the Authorized Officer, Pegasus Assets Reconstruction Pvt., Ltd., Kolkata-Opposite Party under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity ‘SARFAESI Act’).

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In course of hearing, Mr. Sahoo, learned counsel for the Petitioners prays for withdrawal of the writ petition to file appropriate application before the Debt Recovery Tribunal, Cuttack challenging the validity of the impugned notice under Section 13(4) of the SARFAESI Act.

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Signature Not Verified

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Digitally Signed Signed by: MADHUSMITA SAHOO Designation: Senior Stenographer Reason: Authentication Location: High Court of Orissa, Cuttack Date: 10-Mar-2025 15:22:11

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In view of such submission, this writ petition is disposed of as withdrawn with an observation that if any appropriate application is filed before the Debt Recovery Tribunal, Cuttack challenging the impugned notice under Annexure-1, the same may be considered in accordance with law.

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Urgent certified copy of this order be granted on proper application.

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(K.R. Mohapatra) Judge

(S.K. Mishra)

Judge

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