Murli Manohar Sah vs Branch Manager, UCO Bank, Deoghar

Mr. Aparesh Kumar Singh, J. - Heard learned counsel for the parties.

The instant matter related to action taken by Respondent-Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 such as taking over of possession of secured asset of the petitioner-borrower on declaration of its asset as Non Performing vide Annexure-2 dated 10th September, 2015. Petitioner showed his inclination to discharge its liabilities by making payment of total outstanding dues in respect of loan account.

Respondent-Bank conveyed its willingness to accept the proposal of petitioner.

Taking note of rival stand of the parties, the following order was passed on 8th April, 2016.

Counsel for Respondent-Bank submits that affidavit in response to the offer made by the petitioner is ready and with the permission of the Court can be filed today itself. Permission is granted.

Counsel for the Respondent-Bank submits that the Bank is agreeable to offer made by the petitioner to deposit 50% of outstanding dues of Rs. 20,27,557/- as on 31st March, 2016 before the date fixed for auction sale i.e., 15th April, 2016 inclusive of any amount paid earlier. For balance 50% of the amount, it is the stand of the Respondent-Bank that it should be deposited within 30 days of first deposit. However, in view of offer and acceptance thereof shown by the Respondent-Bank, 50% of the outstanding dues of Rs. 20,27,557/- as on 31st March, 2016 in respect of petitioner''s N.P.A Account be deposited on any working day before 15th April, 2016 which would be inclusive of any amount paid earlier. Balance 50% of the amount be deposited within a period of 45 days thereafter. Failure to do so would entitle the Bank to proceed with auction sale.

In view of the aforesaid order made and subject to compliance thereof by the petitioner, the Respondent-Bank would not proceed with the auction sale scheduled on 15th April, 2016.

Accordingly, list this case in the reopening week after summer vacation on 15th June, 2016 (Wednesday)."

Learned counsel for Respondent-Bank, on instructions, submits that the entire outstanding dues have been deposited by the petitioner and No Objection Certificate has also been issued thereafter.

Counsel for the petitioner submits that secured asset of the petitioner now need to be released.

Counsel for the Respondent-Bank submits that petitioner may approach the competent authority/Branch Manager, UCO Bank, Deoghar, respondent no.1 with the said request, which would be considered in accordance with law.

In view of the developments recorded herein above, it is apparent that the main grievance of the petitioner has been redressed. Petitioner is at liberty to approach the competent authority/respondent no. 1, Branch Manager, UCO Bank, Deoghar for release of his secured/mortgaged asset with the Bank, which may be considered in accordance with law within a reasonable time.

Accordingly, the writ petition is disposed of.