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Judgment
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The petitioner is stated to have availed a Housing loan of Rs.30,00,000/- on 22.01.2013. Due to non-payment of installments, the loan account was declared NPA on 31.12.2015. A Demand Notice under Section 13(2) of the SARFAESI Act, 2002 (for short “the Act, 2002”) was issued on 25.01.2016 recalling the outstanding liability of Rs.33,99,358/- as on 25.01.2016. The symbolic possession is stated to have been assumed on 29. 03.2016 under Section 13(4) of the Act, 2002.
It transpires that the Bank had filed an Original Application before the Debts Recovery Tribunal, Cuttack bearing O.A. No.30 of 2018 seeking to recover the outstanding amounts, which was decreed and admittedly execution proceedings before the Recovery Officer bearing R.A. No.40 of 2019 is stated to be pending.
Learned counsel for the Bank submits that as of now the total outstanding is Rs.59,38,300.00.
Learned counsel for the petitioner submits that his client is prepared to deposit a substantial amount upfront and the remaining balance within next three months in order to save his residential property.
Learned counsel for the Bank is not averse to such a recourse in spite of the recovery proceedings pending.
Issue notice for 07.04.2022 for the limited purpose of clearing the arrears.
Mr. B.N. Udgata, learned counsel appears and waives off notice on behalf of the Opposite Party. Let a copy of the writ petition be served on him.
Let the petitioner deposit a sum of Rs.30,00,000/- (Rupees thirty lakhs) only on or before 22.03.2022 along with an undertaking to deposit the remaining balance within next three months.
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