Kuni Sahoo vs A.O.Urban Cooperative
2014 Latest Caselaw 75 Del

                                W.P.(C) No. 21561 of 2013




                    Present :     G.M. Rath, Adv. for the petitioners.
                                  Mr. A.K. Nath, Adv. for Bank.


 03.   03.01.2014            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 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
                    petitioners are willing to pay a sum of Rs. 4,50,000/-
                    (rupees four lakh and fifty 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 from the date of such application 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 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.

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

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