M/S S. S. URMILA TRADERS, CHUDAMANI v. THE AUTHORIZED OFFICER BANK OF MAHARASHTRA, ZONAL OFFICE, BHUBANESWAR
Court: High Court of Orissa
Bench: MR. JUSTICE DIXIT K.S.,MR. JUSTICE CHITTARANJAN DASH
Judgment date:
Case summary
High Court of Orissa judgment dated 2026-04-09. M/S S. S. URMILA TRADERS, CHUDAMANI v. THE AUTHORIZED OFFICER BANK OF MAHARASHTRA, ZONAL OFFICE,...
Judgment text
IN THE HIGH COURT OF ORISSA AT CUTTACK WP(C) No. 10632 of 2026 M/s. S. S. Urmila Traders, …. Petitioners Chudamani, Bhadrak & another Represented by Adv. - Mr. T. Sahoo, Adv. -versus- The Authorized Officer Bank …. Opposite Parties of Maharashtra, Zonal Represented by Adv. - Office, Bhubaneswar & Mr. D. P. Pattanaik, Adv. another CORAM: JUSTICE KRISHNA SHRIPAD DIXIT JUSTICE CHITTARANJAN DASH ORDER 09. 04. 2026 Order No. 01. Short grievance of the Petitioner is as to the intended coercive action of recovery of loan in terms of the provision of SARFAESI Act 2002, despite alleged settlement dated 16. 03. 2026, whereunder Petitioner was liable to pay a sum of Rs. 30,00,000/- (Rupees Thirty Lakh) only towards full and final settlement of the outstanding. Out of the said amount, counsel for the Petitioner submits that his client has already remitted Rs. 21,00,000/- (Rupees Twenty-One Lakh) only and another sum of Rs.
9,00,000/-(Rupees Nine Lakh) only is to be remitted and that he would do if approval is granted by the higher ups. 2. Learned Panel Counsel appearing for the Bank having resisted the Petition for some time, now very fairly submits that if Petitioner remits the reminder of the settlement money i. e. Rs. 9,00,000/- (Rupees Nine Lakh) only with interest accruing due thereof within a reasonable period, the lis can be put to equitous. This is appreciable. In the above circumstances, Petition is disposed off granting a period of four (4) weeks in four equalized weekly installments, without seeking extension of the period. If this facility is not availed, the Bank will be at liberty to take all coercive action in accordance with law. It hardly needs to be stated that the coercive action of recovery shall be kept in suspended animation, subject to compliance. No costs. Web copy of order to be acted upon by all concerned. (Krishna Shripad Dixit) Judge (Chittaranjan Dash) Judge Prasant
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