By Our Correspondent
BHUBANESWAR:A large loan was taken from the bank in the name of a business. But it was not paid on time. The bank did not even pay attention to the 60-day payment notice. The result of which is shameful. The bank has taken possession of the borrower’s real estate for the outstanding loan. It has also given a red notice to repay the security deposit early.
Bhubaneswar (North) MLA Sushant Kumar Raut’s reputation has received a blow. The names of three family businesses – M/s Lab Chemicals Private Limited, M/s National Scientific Corporation and M/s Scientific Traders – have been included in the accounts of bank loan defaulters. Due to this, valuable assets of the Raut family have been seized by the bank.
These three borrowers are running in the names of the MLA’s father, mother and grandfather. As such, the directors of M/s Lab Chemicals Private Limited are Sushant’s father Bhakta Charan Raut and grandfather Gagan Bihari Raut. Address- Plot No. 484 (Bhamsi), Nilakantha Nagar, Mouza: Nayapally, Tehsil: Bhubaneswar, 751012.
The owner of M/s National Scientific Corporation is Sushant’s mother, Mrs. Saubhagini Raut. The guarantors are father Bhakta Charan Raut and grandfather Gagan Bihari Raut. Address- Plot No. 484(Bhamsi), Nilakantha Nagar, Mouja: Nayapally, Tehsil: Bhubaneswar, 751012.
Similarly, the owner of M/s Scientific Traders was Gagan Bihari Rout and the guarantor was Bhakta Charan Rout. Address- Plot No. 484 (Bhamsi), Nilakantha Nagar, Mouza: Nayapally, Tehsil: Bhubaneswar, 751012.
The MLA’s father and grandfather had taken loans from UCO Bank in the name of these three companies. They themselves were the borrower and guarantor. However, they did not repay the loan to the bank on time. As the days passed, the interest also increased. As of the due date, the amount outstanding with interest is Rs 3 crore 74 lakh 71 thousand 581.24 paisa.
For the recovery of this payment, UCO Bank had issued demand notices to the Raut family on 31.07.2025 and 21.08.2025. It was asked to pay the dues within 60 days of receiving the notice. But the Raut Brothers did not pay the payment within the stipulated time. Subsequently, the bank issued an attachment notice on 22.10.2025.
UCO Bank, Asset Management Branch has seized the properties of the loan defaulter Raut family under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2022 and Rule 8 of the Security Interest (Enforcement) Rules, 2002.
Two brothers, Bhakti Charan Raut and Gagan Bihari Raut, have taken over the land and house properties in the name of their father, the late Nidhi Raut, into bank possession. They are:
1. District: Khordha, Mouza: Nayapally, Thana: New Capital, Tehsil: Bhubaneswar, Previous Account No.: 1974, Corresponding Mutation Account No.: 3283/324, Plot No.: 1899/3655 (Mutation Plot No.: 1899/2598), Municipality Plot No.: 484 (Part), Area: Acre 0.075 decim)
2. District: Khordha, Mouza: Nayapally, Thana: New Capital, Tehsil: Bhubaneswar, Account No: 1974, Plot No: 1899/3654, Municipality Plot No: 484 (Part), Area: Acre 0.310 decim
3. District: Khordha, Mouza: Nayapally, Thana: New Capital, Tehsil: Bhubaneswar, Account No.: 1975, Revenue Plot No.: 1899/3655, Municipality Plot No.: 484 (Part) and 486 (Part), Area: 0.100 decim of an acre.
It is worth noting that although the property taken over by the bank was recorded in the names of Bhakta Charan Raut and Gagan Bihari Raut, it was inherited by Bhakta Charan’s son Sushant Raut. Sushant had stated this information in his affidavit while filing his nomination papers for the MLA seat in 2024. In his affidavit, MLA Sushant alias Bapu Raut has stated that his immovable assets are Rs 6 crore 2 lakh and his wife’s immovable assets are Rs 2 crore 53 lakh.
