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Judgment
This matter is taken up by virtual/physical mode.
The Petitioner is the widow of defaulting borrower of Cash Credit limit account sanctioned to the tune of Rs.16.00 lakhs from the Union Bank of India, College Square Branch, Cuttack in the year 2014. The husband of the Petitioner had availed another loan with the limit of Rs.3.00 lakhs in the year 2016. Due to financial indiscipline, both the loan accounts have been declared NPA on 31st March, 2021, leading to issuance of a demand notice dated 23rd April, 2021 under Section 13(2) of the SARFAESI Act, 2002 (for short, ‘Act, 2002’) recalling a sum of around Rs.20.00 lakhs. Symbolic possession was assumed on 15th September, 2021 by issuance of notice under section 13(4) of the Act, 2002 and the mortgaged property ( offered as a collateral security) was put to auction vide sale notice dated 15th January, 2022 with auction date on 17th February, 2022.
By filing the present writ, challenge has been laid to the auction notice dated 15th/16th January, 2022 with the alternative prayer for rephasement of the loan by way of an amicable settlement.
Mr. Tuna Sahu, Advocate appearing for the Bank at the time of hearing states that the auction fixed for 17th February, 2022 had failed for want of any bidder. Whereas the prayer is for rephasement, there is no such policy existing in the Bank.
In view of the above, counsel for the Petitioner prays to withdraw the writ petition to enable the Petitioner to seek her remedy in accordance with law.
Accordingly, the writ petition stands dismissed as withdrawn with the aforesaid liberty.
Issue urgent certified copy as per rules.
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