Nabin Ku.Sahoo vs S.B.I. & Anr.
2014 Latest Caselaw 28 Del

                                W.P.(C) No. 28551 of 2013




                    Present :      Mr. U.C. Mohanty, Advocate for the petitioner.
                                  Mr. H. Patnaik, Advocate for Bank.


 02.   02.01.2014             This petition seeks direction against initiation of
                    coercive measures by the Bank for recovery of loan under
                    the provisions of the SARFAESI Act, 2002.
                              Learned counsel for the petitioner submits that the
                    petitioner is willing to repay the loan subject to decision of
                    its application to the bank for grant of time and extending
                    benefit     under   the   One   Time   Settlement    Scheme,    if
                    applicable.     Learned counsel further states that the
                    petitioner is willing to pay a sum of Rs.4,00,000/- (rupees
                    four lakh) within two months from today in two equal
                    instalments along with the proposal for repayment for
                    consideration of the Bank.
                              Without expressing any opinion on merits, we direct
                    that if the petitioner makes deposit as aforesaid and files an
                    application for consideration of the bank, the Bank may
                    take decision thereon in accordance with law within one
                    month from the date of such proposal and till decision is
                    taken, the Bank may not take coercive measures.
                              The petition is disposed of accordingly.
                              It is made clear that if the petitioner defaults in
                    making the deposit, this petition will be treated to have been
                    dismissed.     It is further made clear that if the Bank is
                    aggrieved by this order, it will be at liberty to move this
                    Court.

                                                               ..............................
                                                           A.K.Goel, C.J.
AD

                                                        .............................
                                                         Dr. A.K. Rath, J.