RAJENDRA KUMAR BISWAL Vs. GENERAL MANAGER

JUDGEMENT

(1.) The petitioner is the defaulting borrower, who had availed a Term Loan for a sum of Rs.4,44,600.00from Odisha Gramya Bank, Dhenkanal Branch, Dist-Dhenkanal. Due to non-payment of the installments, the loan account was classified as NPA on 31/5/2022 leading to issuance of a Demand notice dtd. 8/6/2022 under Sec. 13(2) of the SARFARSI Act, 2002 (for short "the Act, 2002") recalling the outstanding liability of Rs.4,16,123.00 due as on 8/6/2022 together with future interest and expenses etc. The symbolic possession of the mortgaged property offered as Collateral Security was assumed on 26/8/2022 by issuance of notice under Sec. 13(4) of the Act, 2002.

(2.) The challenge in the present Writ Petition is to the E-auction sale notice dtd. 13/12/2022 fixing the auction sale of the mortgaged property on 11/1/2023.

(3.) Upon willingness of the petitioner to clear the entire outstanding liability, this Court on 4/1/2023 passed the following order:-