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Judgment
5 paragraphs · 136 wordsPetitioner-Ajaya Kumar Sahoo is a defaulting borrower of a Term Loan for a sum of Rs.80,000/-availed from Urban Cooperative Bank Limited, Nuapatna Branch, Cuttack in the month of October, 2000. Due to financial indiscipline, the loan account was declared NPA on 31.03.2014 and recovery process was initiated by issuance of a demand notice dated 06.06.2014 under Section 13(2) of the SARFAESI Act, 2002 recalling the outstanding liability of Rs.3,10,482/- due as on 31.03.2014.
At the time of hearing, Mr. Mishra, learned counsel for the Bank states that upon deposit of the required amount the loan account stands closed and the present writ petition has been rendered as infructuous.
None has put in appearance to contest the aforesaid factual situation.
In view of the above, the writ petition is dismissed as infructuous.
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