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Judgment
Petitioner is a Proprietorship concern of Smt. Usharani Panigrahy engaged in the business of running of a Poultry Firm. A Term Loan availed for a sum of Rs.1 Crore and a Cash Credit limit for sum of Rs.5 lakhs availed on 11.01.2021 from Union Bank of India, Berhampur Branch, District Ganjam, due to financial indiscipline were classified as NPA on 12.07.2022. A Demand Notice dated 14.07.2022 was issued under Section 13(2) of the SARFAESI Act, 2002 (for short “the Act, 2002”) recalling the outstanding liabilities to the tune of more than Rs.1 Crore. Symbolic possession of the collateral securities is stated to have been assumed on 01.10.2022 by issuance of a notice under Section 13 (4) of the Act, 2002.
Challenge in the present writ petition has been laid to the Sale Notice dated 15.10.2022 fixing the auction sale of the mortgaged property on 18.11.2022.
Learned counsel by referring to the letter dated 05.07.2022 (Annexure-7) has argued that the amount overdue in the Term Loan account is stated to be not more than Rs.3 lakhs and the petitioner is ready and willing to clear the amounts overdue in both the accounts in order to save her mortgaged properties. On the other hand, learned counsel for the Bank submits that a sum of Rs.19 lakhs is the amount overdue. However, he is unable to substantiate as to how the amount overdue stated in Annexure-7 could swell to such magnitude in the short span of time of four months.
Issue notice for 15.12.2022. Mr. M. Balakrishna Rao, learned counsel appears and waives off notice on behalf of the Opposite Parties. Extra copies of the writ petition be served on him within three working days.
As an interim measure, subject to the petitioner depositing a sum of Rs.10 lakhs on or before 18.11.2022, the successful bid, if any, shall not be confirmed without the leave of the Court.
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