Nilamani Behera vs Agm,Sbi
2014 Latest Caselaw 280 Del

                               W.P.(C) No. 21 of 2014




                  Present :    Mr B.S. Rayaguru, Advocate for the petitioner.



02. 15.01.2014                This petition seeks direction against initiation of
                 coercive measure by the Bank for recovery of loan under the
                 provisions of the SARFAESI Act, 2002.
                              Learned counsel for the petitioners submits that the
                 petitioners are willing to repay the loan subject to decision of
                 their 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.75,000/- (rupees seventy-five thousand) within
                 two months from today along with the proposal for repayment
                 for consideration of the Bank.
                              Without expressing any opinion on merits, we direct
                 that if the petitioners make deposit as aforesaid and file an
                 application for consideration of the Bank, the Bank may take
                 decision thereon in accordance with law within one month and,
                 till such decision is taken, the Bank may not take coercive
                 measures.
                              The petition is disposed of.
                              It is made clear that if the petitioners default 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.


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                                                                  A.K.Goel, C.J.

pcp

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                                                                  Dr. A.K. Rath, J.