IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR MONDAY, THE 15TH NOVEMBER 2010 / 24TH KARTHIKA 1932 WP(C).No. 10740 of 2010(N) ---------------------------------------- PETITIONER(S): ----------------------- SADANANTHAN P.K., AGED 40 YEARS, S/O.KESAVAN, PADAVATHUKUZHI HOUSE, NEEZHOOR P.O., VAIKOM TALUK, KOTTAYAM DISTRICT. BY ADV. SRI.ALIAS M.CHERIAN RESPONDENT(S): ------------------------- 1. NEEZHOOR SERVICE CO-OPERATIVE BANK LIMITED, NO.K-136, THIRUVAMPADY P.O., VAIKOM TALUK, KOTTAYAM DISTRICT, REPRESENTED BY ITS SECRETARY. 2. SPECIAL SALE OFFICER, NEEZHOOR SERVICE CO-OPERATIVE BANK LIMITED, GROUP CO-OPERATIVE ASSISTANT REGISTRAR (GENERAL) OFFICE,VAIKOM. R1 BY ADV. SRI.NIREESH MATHEW. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/11/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 10740/2010-N APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE DATED 18/02/2010. EXT.P2: COPY OF THE DAILY NEWS PAPER DESHABHIMANI DATED 25/03/2010. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE rs C.T. RAVIKUMAR, J. -------------------------------------------- W.P.(C). NO.10740 OF 2010 -------------------------------------------- Dated this the 15th day of November, 2010 JUDGMENT The petitioner has availed a loan of Rs.50,000/- from the first respondent-bank. The first respondent-bank resorted to arbitration proceedings on account of the continued failure on the part of the petitioner in remitting the instalments towards the said loan account. In fact, for the purpose of availing the loan, the petitioner has mortgaged his property having an extent of 21 cents comprised in Sy.No.589/53 in Re.Sy.No.171/5 of the Neezhoor village. The arbitration proceedings culminated in an award in ARC.No.528/2008. As per the said award, an amount of Rs.58,793/- along with interest and other incidental charges were permitted to be realised from the petitioner. Even then the petitioner did not clear the liability. Therefore, Ext.P1 sale notice was issued. It is dated 18.2.2010. Even after the receipt of the same, the petitioner did not take any further steps to discharge the debts. Later, Ext.P2 notice was issued on the petitioner in terms of Section 76(c) r/w Section 81(c) of the Kerala Co-operative Societies Act. It was in the said circumstances that this Writ Petition has been filed. W.P.(C) NO.10740/2010 2 2. While admitting the Writ Petition, an interim order was passed on 29.3.2010 whereby a conditional order of stay was granted and the petitioner was required to pay an amount of Rs.25,000/- within a period of one month from the said date. On 6.9.2010, upon finding that the petitioner had failed to comply with the interim order and had actually effected only payment of an amount of Rs.18,000/-, he was given two weeks' time to pay the balance amount of Rs.7,000/-. The matter was adjourned on subsequent occasions to ascertain the petitioner has effected payment in terms of the order dated 6.9.2010. When this matter was taken up today, the learned counsel for the petitioner submitted that the petitioner could not effect payment. However, taking note of the fact that it is the petitioner's residential building that is put on sale, I am proceeding further to pass the following:- Evidently, as on 25.3.2010, an amount of Rs.75,496/- was outstanding. In fact, the petitioner is liable to pay the interest thereon and also the incidental charges towards the said liability in addition to the said amount. Admittedly, the petitioner has already remitted an amount of Rs.18,000/- in terms of the interim order. The balance amount covered as per Ext.P1 together with the interest thereon and the incidental charges shall be paid by the petitioner in six equal instalments commencing from 10.12.2010. The balance instalments shall W.P.(C) NO.10740/2010 3 be paid on or before 10th day of every succeeding months. It is made clear that in case the petitioner fails to remit the instalments as directed above, it will be open to the respondents to proceed with the steps already initiated, in accordance with law. (C.T. RAVIKUMAR, JUDGE) spc W.P.(C) NO.10740/2010 4 C.T. RAVIKUMAR, J. JUDGMENT September, 2010