Authority: High Court of Odisha at Cuttack
Order Date: 11 August 2026
Case Overview
- Petitioner: M/s. Chandan Agro Rice Tech, Ganjam; Opposite Parties: Authorized Officer, Union Bank of India, Ganjam and others.
- Writ petition W.P.(C) No. 21623 of 2026 sought quashing of the bank’s One Time Settlement (OTS) reaction dated 27 May 2026, the auction notices dated 8 June 2026 and 11 June 2026, and direction to allow redemption of the mortgaged property.
- The petition prayed for issuance of a rule nisi, and if the opposite parties failed to show cause, for the rule to be made absolute and for other appropriate directions.
- Union Bank of India filed a memo containing the settlement terms of the loan dues, which the court took on record.
- The bank’s senior advocate, Mr. Mishra, submitted that the petitioner must comply with the conditions in the settlement letter dated 10 August 2026.
- The petitioner’s senior advocate, Mr. Mohanty, concurred that the OTS proposal had been accepted and the petitioner must adhere to its terms.
Final Outcome
- The writ petition is disposed of with appreciation to the counsel for facilitating settlement under the OTS.
- The interim order dated 15 July 2026 is vacated.
- The parties are directed to comply with the conditions of the OTS letter dated 10 August 2026.
- An urgent certified copy of this order shall be granted on proper application.
Topics: Banking Settlement, Court Order