Indian Overseas Bank Auction Stay, Rs 4 Lakh Schedule

Authority: High Court of Odisha at Cuttack

Order Date: 24 September 2026

Case Overview

• Petitioner: Dharmaraj Dhir filed writ petition (W.P.(C) No.31051 of 2026) against Indian Overseas Bank, Bhubaneswar and others, seeking time to settle outstanding dues.
• The bank had scheduled an auction of the petitioner's property; the auction had previously failed on three occasions.
• Petitioner's counsel requested a payment schedule; bank's counsel indicated the auction was fixed for the day of hearing.

Final Outcome

• Court permitted petitioner to deposit the total outstanding amount in installments: Rs 1,50,000 on or before 25 Sept 2026, Rs 2,50,000 on or before 15 Oct 2026, and the balance on or before 24 Dec 2026.
• The auction will be stayed until the petitioner complies with the payment schedule; failure to do so allows the bank to proceed with the auction.
• An urgent certified copy of the order shall be granted on proper application.

Topics: Auction Stay, Debt Repayment, Banking Litigation