IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR WEDNESDAY, THE 22ND DECEMBER 2010 / 1ST POUSHA 1932 WP(C).No. 33595 of 2010(Y) -------------------------- PETITIONER(S): --------------- GEORGE, S/O.PHILIP, AGED 40 YEARS, VETTIKKATTIL HOUSE, IRUNNOOREKKAR KARA, MANNANKANDAM VILLAGE, DEVIKULAM TALUK, IDUKKI DISTRICT. BY ADV. SRI.A.C.DEVASIA RESPONDENT(S): --------------- 1. DEVIKULAM TALUK CO-OP. AGRICULTURAL DEVELOPMENT BANK LTD., I-136, REP. BY ITS SECRETARY, DEVIKULAM CO-OP. AGRICULTURAL DEVELOPMENT BANK, ADIMALY P.O., MANNAMKANDAM VILLAGE, DEVIKULAM TALUK - IDUKKI DISTRICT - 685561. 2. SALE OFFICER, DEVIKULAM TALUK CO-OP. AGRICULTURAL DEVELOPMENT BANK, ADIMALY P.O., MANNAMKANDAM VILLAGE, DEVIKULAM TALUK, IDUKKI DISTRICT - 685561. ADV. SRI.C.K.VIDYASAGAR FOR R1 SRI.P.CHANDY JOSEPH FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.T.RAVIKUMAR, J. ---------------------------- W.P.(C)No.33595 of 2010 ---------------------------- Dated 22nd December, 2010 JUDGMENT The petitioner who has availed a loan of Rs.2.5 lakhs from the first respondent filed this writ petition, on receipt of Ext.P1 sale notice, with the prayer to quash the same. The further prayer is for issuance of a writ of mandamus commanding the respondents not to initiate any coercive steps based on Ext.P1. Evidently, on account of the chronic default on the part of the petitioner in repaying the instalments towards the said loan account the first respondent has resorted to arbitration proceedings. It is only based on the outcome of the said proceedings that Ext.P1 sale notice has been issued. The petitioner did not have a case that he has successfully challenged the award passed in the arbitration case. In the said circumstances, the petitioner cannot disown the liability to discharge the aforesaid liability arising out of the said loan transaction. On 8.11.2010 this Court passed an interim order directing the petitioner to pay an amount of Rs.1,00,000/- to the first respondent. The learned standing counsel for the first respondent submitted that in compliance with the said interim order the petitioner has remitted Rs.1,00,000/- with the first respondent. Thus, as against the demand made as per Ext.P1, after deducting the amount already WP(C).No.33595/2010 2 paid based on the interim order, an amount of Rs.4,16,404/- is still remaining to be paid. The learned standing counsel for the first respondent submitted that the petitioner is liable to pay interest accrued thereon after the issuance of Ext.P1 notice. When faced with such a situation the learned counsel for the petitioner submitted that the petitioner may be given liberty to pay the outstanding liability in instalments. After hearing the learned counsel on both sides this writ petition is disposed of granting liberty to the petitioner to pay off the balance amount towards the aforesaid loan account in six monthly instalments commencing from 30.1.2010. The balance instalments shall be paid on or before the 30th day of every succeeding months. It is made clear that in case of failure on the part of the petitioner to pay the instalments as directed above, it will be open to the first respondent to proceed with the steps already initiated. Sd/- C.T.RAVIKUMAR Judge TKS // True copy // P.S to Judge