Suresh Chandra Sahoo Vs Authorised Officer , Icici Bank Ltd. — Orissa HC (2025) — LawSathi Research

Suresh Chandra Sahoo Vs Authorised Officer , Icici Bank Ltd. — Orissa HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

Conditional relief: petitioner to deposit Rs.1,48,265/- by 21st February, 2025 and make an application for settlement of his loan account, to be considered in accordance with law preferably within three weeks; upon timely compliance, no coercive action against the secured assets till the bank takes a decision.

Issue for consideration

Whether the possession notice dated 10.12.2024 (Annexure-5) issued by the Authorised Officer, ICICI Bank Ltd., Jajpur Branch should be set aside, and on what terms the writ petition should be disposed of.

Court's answer

The Court disposed of the writ petition with a conditional direction requiring the petitioner to deposit a sum of Rs.1,48,265/- by 21st February, 2025.

Ratio / Principle

Upon the petitioner making an application for settlement of his loan account (after the directed deposit), the same shall be considered in accordance with law as early as possible, preferably within a period of three weeks therefrom.

Key takeaways

In the event the petitioner complies with the direction within the stipulated time, no coercive action shall be taken against the secured assets till a decision is taken by the bank.ratio¶29

Detailed headnote1 paragraphs

High Court of Orissa at Cuttack, W.P.(C) No. 4780 of 2025 (Suresh Chandra Sahoo v. Authorised Officer, ICICI Bank Ltd., Jajpur Branch and others) — K.R. Mohapatra and Sanjay Kumar Mishra, JJ. (order dated 14.02.2025): The petitioner challenged a possession notice dated 10.12.2024 (Annexure-5) issued by the Authorised Officer, ICICI Bank Ltd., Jajpur Branch concerning his NPA loan account. Counsel for the petitioner offered to deposit an adequate sum to regularise the account and seek settlement; counsel for the bank indicated that on deposit of Rs.1,48,265/- the NPA loan account would be regularised. The Court disposed of the writ petition directing that if the petitioner deposits Rs.1,48,265/- (Rupees one lakh forty-eight thousand two hundred sixty-five only) by 21st February, 2025 and applies for settlement of his loan account, the application shall be considered in accordance with law as early as possible, preferably within three weeks therefrom; and, upon timely compliance, no coercive action shall be taken against the secured assets till the bank takes a decision.

Signature Not Verified

Digitally Signed Signed by: SASANKA SEKHAR SATAPATHY Reason: Authentication Location: HIGH COURT OF ORISSA CU TTACK Date: 17-Feb-2025 11:40:25

IN THE HIGH COURT OF ORISSA AT CUTTACK

W.P.(C) No. 4780 OF 2025

Suresh Chandra Sahoo

Petitioner

Mr. Sukanta Kumar Dalai, Advocate

-versus-

Authorised Officer, ICICI Bank Ltd., Jajpur Branch and others

…. Opp. Parties

Mr. Debasis Tripathy, Additional Government Advocate (For Opposite Party Nos.3 to 5)

Mr. Ramachandra Panigrahy, Advocate (For Opposite Party Nos.1 and 2)

CORAM:

JUSTICE K.R. MOHAPATRA JUSTICE SANJAY KUMAR MISHRA

ORDER

Order No.

14.02.2025

This matter is taken up through hybrid mode.

Petitioner, in this writ petition, prays for a direction to

set aside the possession notice dated 10.12.2024 at Annexure-5 issued by the Authorised Officer, ICICI Bank Ltd., Jajpur Branch.

Mr. Dalai, learned counsel submits that the Petitioner is ready and willing to deposit adequate sum of money to regularize the loan account and approach the bank for settlement of the loan account.

Mr. Panigrahy, learned counsel for the ICICI Bank by filing Vakalatnama enters appearance and submits on instruction that in the event, Petitioner deposits a sum of Rs.1,48,265/- within a period of seven days, the NPA loan

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Signature Not Verified Digitally Signed Signed by: SASANKA SEKHAR SATAPATHY Reason: Authentication Location: HIGH COURT OF ORISSA CU TTACK Date: 17-Feb-2025 11:40:25

account of the Petitioner will be regularized and then the Petitioner may approach the bank for settlement of the loan account.

Mr. Dalai, learned counsel for the Petitioner agrees to such proposal. He, however, submits that no coercive action should be taken in respect of the secured assets till a decision is taken by the bank.

Considering the submission made by learned counsel for the parties, this Court disposes of the Writ Petition with a direction that in the event, Petitioner deposits a sum of Rs.1,48,265/- (Rupees one lakh forty-eight thousand two hundred sixty-five only) by 21^st February, 2025 and makes an application for settlement of his loan account, the same shall be considered in accordance with law as early as possible, preferably within a period of three weeks there from.

6.1 In the event, the Petitioner complies with the aforesaid direction within the time stipulated above, no coercive action shall be taken against the secured assets till a decision is taken by the bank.

(K.R. Mohapatra) Judge

s.s.satapathy/Ranjeeta

(S.K. Mishra) Judge

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