He was 61 and is survived by wife Banani Ray and two daughters.
Justice Ray was ailing for the past few months, hospital sources said.
As the news of the death spread, all the judges of the High Court, the Advocate General, many members of the bar, the twin city Police Commissioner and several eminent persons of the city rushed to his official residence.
Justice Ray's last rites were expected to be performed at his native village in Jagatsinghpur district.
An expert in Constitutional, civil, criminal and taxation laws, he was elevated to the bench of the Orissa High Court as an additional judge on November 7, 2007.
He was transferred to the Kerala High Court in October 2010, where he served for more than three years before he was transferred to the High Court here on March 19, 2014.
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