IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH FRIDAY, THE 19TH DECEMBER 2008 / 28TH AGRAHAYANA 1930 WP(C).No. 36861 of 2008(L) ---------------------------------------------- PETITIONER(S): ---------------------- 1. PRASANNA JOTHI W/O. MR. SARASAN, SAJONCY, PULIYOOR GARDENS NALANCHIRA, THIRUVANANTHAUPURAM, KERALA. 2. MR. I.SARASAN SAJONCY, PULIYOOR GARDENS NALANCHIRA, THIRUVANANTHAUPURAM, KERALA. BY ADV. SRI.SASTHAMANGALAM S. AJITHKUMAR SRI.SHAJIN S.HAMEED RESPONDENT(S): ------------------------- 1. THE BRANCH MANAGER INDIAN OVERSEAS BANK, KOTTAR BRANCH,NAGERCOIL. 2. THE AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, REGIONAL OFFICE, NAGERCOIL. ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 36861 OF 2008 L -------------------------------------- Dated this the 19th December, 2008 JUDGMENT First petitioner availed a loan and the second petitioner stood as guarantor. The loan was not repaid. Proceedings are taken against the petitioners. 2. I heard the learned counsel for the petitioners and the learned standing counsel appearing for the respondent Bank. Counsel for petitioner sought permission to pay the amount due in instalments. After having heard the learned counsel appearing on either side, the Writ Petition is disposed of as follows: Recovery proceedings against the petitioners will be kept in abeyance on condition that the petitioners remit Rs.3 Lakhs (Rupees Three Lakhs) within two weeks from today and the balance amount remaining to be paid with due interest in six equal monthly instalments, the first of which shall be payable on or before 1.2.2009 and the remaining instalments on or before WPC.36861/08 L 2 the first working day of every succeeding month. If the petitioners remit Rs.3 Lakhs as aforesaid, the respondent Bank will serve a Statement on the petitioners within a period of one week from the date of payment, indicating the exact amount of instalments to be paid as per this Judgment. If the petitioners do not pay either Rs.3 Lakhs or any of the instalments, petitioners will lose the benefit of this Judgment and it will be open to the respondent Bank to proceed against the petitioners in accordance with law. Sd/= K. M. JOSEPH, JUDGE kbk. // True Copy // PS to Judge