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Judgment
This matter is taken up through hybrid arrangement (virtual/physical mode).
Petitioner Jadabendra Pradhan is the Managing Director-cum-guarantor of M/s. S.S. Aluminum Private Limited, which has availed loan facilities in seven different loan accounts totaling a sum of around Rs.15.50 crores.
By filing the present writ petition, challenge has been laid to the notice dated 23rd December, 2021 issued under Section 13(4) of the SARFAESI Act, 2002 by the Bank for sale of mortgaged property of the petitioner offered as collateral security. The auction was slated to be held on 29th January, 2022.
At the time of hearing, learned counsel for the Bank states that the petitioner did not deposit the amount of Rs.3.5 crores by 29th January, 2022 in compliance of the assurances given before this Court noticed in the order dated 28th January, 2022. He further states that the auction fixed for 29th January, 2022 had failed for want of any bidders, and thereafter on two other occasions, the auction has also failed.
At this stage, learned counsel for the petitioner prays for permission to withdraw the present writ petition.
In view of the above, the writ petition is dismissed as withdrawn.
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