IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOMAS P.JOSEPH WEDNESDAY, THE 6TH JULY 2011 / 15TH ASHADHA 1933 OP(C).No. 1016 of 2010(O) ------------------------- OS.985/2005 of PRINCIPAL SUB COURT,THRISSUR .................... PETITIONER (S): --------------------------- SHEREEFA ALI, AGED 65 YEARS, W/O. ALI, PANIKKAVEETTIL THAMARATH HOUSE, MAIN ROAD, CHAVAKKAD.P.O, THRISSUR DISTRICT. BY ADV. SRI.RAJIT RESPONDENT(S): ---------------------------- 1. THE AUTHORISED OFFICER, FEDERAL BANK, REGIONAL OFFICE, MISSION QUARTERS, THRISSUR - 650 001. 2. THE FEDERAL BANK, CHOWALLOORPADI BRANCH, CHAVAKKAD TALUK, THRISSUR - 680 506. R1 & R2 BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL), SC THIS OP (CIVIL) HAVING BEEN FINALLY HEARD ON 06/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss OP(C) NO.1016/2010 O APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE EXECUTION PETITION E.P.435/2008 IN O.S.985/2005 FILED BY THE RESPONDENTS BEFORE THE SUB COURT, THRISSUR. P2: COPY OF THE ORDER DTD. 08/02/2010 IN I.A.NO.392/2010 IN S.A.NO.98/2010 OF THE HON'BLE DEBT RECOVERY TRIBUNAL, ERNAKULAM. P3: COPY OF THE COUNTER FILED BY THE PETITIONER IN E.P.435/2008 IN O.S.985/2005 BEFORE THE PRINCIPAL SUB COURT, THRISSUR. P4: COPY OF THE MEMO FILED BY THE PETITIONER DTD. 17/02/2010 E.P.435/2008 IN O.S.985/2005 BEFORE THE PRINCIPAL SUB COURT, THRISSUR. P5: COPY OF THE COUNTER FILED BY THE PETITIONER DTD. 14/07/2010 IN E.P.435/2008 IN O.S.985/2005 BEFORE THE PRINCIPAL SUB COURT, THRISSUR. RESPONDENT'S EXHIBTS: N I L /TRUE COPY/ P.A.TO JUDGE Kss THOMAS P JOSEPH, J. ---------------------------------------- O.P(C).No.1016 of 2010 --------------------------------------- Dated this 06th day of July, 2011 JUDGMENT Petitioner is the judgment debtor in E.P.No.435 of 2008 in O.S.No.985 of 2005 of the Court of learned Principal Sub Judge, Thrissur. Second respondent obtained a decree for recovery of money from petitioner and put the decree in execution. Notice was issued under Order XXI Rule 66 of the Code of Civil Procedure to which petitioner has filed objection. In the meantime second respondent initiated securitization proceeding which petitioner challenged before the Debt Recovery Tribunal (for short, "the DRT”) and the DRT has granted stay of the said proceeding on condition that petitioner paid `.1,00,000/-. I am told that the said condition has been complied. The challenge in this proceeding is to the execution of decree in O.S.No.985 of 2005. 2. At the time when matter came up for hearing, learned counsel for petitioner has submitted that he is prepared to pay the entire balance amount within six months from this day. I have heard learned counsel for second respondent as well. Having regard to the circumstances stated, I am inclined to grant time to O.P(C).No.1016 of 2010 -: 2 :- the petitioner to discharge the decree debt. Resultantly this original petition is disposed of in the following lines: (i) Petitioner is granted five (5) months' time beginning from 01.08.2011 to pay the entire balance amount due to the second respondent. The payment shall be made either directly to the second respondent or deposited in the executing court on or before 5th of the month concerned. The amount shall be paid/deposited in equal installments, provided that by the last installment the entire amount due is paid. (ii) In case there is default in payment of any two installments, it will be open to the second respondent to proceed with execution of the decree. (iii) It is directed that execution of the decree will stand in abeyance during the said period of five months beginning from 01.08.2011 or till default as above stated is committed by the petitioner, whichever is earlier. (THOMAS P JOSEPH, JUDGE) Sbna/-