AI Structured Summary
Not yet generated for this judgment
Judgment
This matter is taken up through Virtual/Physical Mode.
The petitioner is the proprietor of M/s. Jagulai Cement Store, the defaulting borrower having availed Cash Credit facility and term loans in six
accounts from the erstwhile Andhra Bank, Bhubaneswar.
Due to financial indiscipline the account has been declared NPA on 31.10.2018 and the recovery process initiated under the SARFAESI Act, 2002
leading to the auction sale of the mortgaged properties in June 2019 for recovery of around a sum of Rs.80 lakhs as on 2019.
The prayer in the present writ petition is for issuing a direction to settle the account under the OTS scheme.
At the time of hearing today, learned counsel for the petitioner prays for an unconditional withdrawal of the writ petition as the successor Bank-
Union Bank of India on deposit of the process amount is considering the case under the prevailing OTS policy.
In view of the above prayer, the writ petition is dismissed as withdrawn.
................................