IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR TUESDAY, THE 31ST AUGUST 2010 / 9TH BHADRA 1932 WP(C).No. 26642 of 2010(E) -------------------------- PETITIONER(S): --------------- PARIYARATH RAVEENDRAN,S/O.NARAYANAN, PARIYARATH HOUSE,VELIMUKKU.P.O,CHELARI, MALAPPURAM DISTRICT. BY ADV. SRI.P.VENUGOPAL (1086/92) RESPONDENT(S): --------------- 1. MANJERI CO-OPERATIVE URBAN BANK LTD. MANJERI,MALAPPURAM DISTRICT,REPRESENTED BY ITS GENERAL MANAGER IN CHARGE,K.ABDUL NAZER-676121. 2. SUNIL KUMAR.N.M,S/O.AYYAPPANKUTTY @ MANUKUTTAN,NAMBALA MANCHEERI HOUSE,THENHIPALAM, MONNIYUR,VELIMUKKU,CHELARI-VIA, MALAPPURAM DISTRICT-676 314. 3. ARBITRATOR,ASSISTANT REGISTRAR COURT, MANJERI,MALAPPURAM DISTRICT-676 121. BY GOVERNMENT PLEADER K.C. SANTHOSH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.T. RAVIKUMAR, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P. (C) No.26642 OF 2010 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 31st day of August, 2010 J U D G M E N T The petitioner stood as a guaranteer to the second respondent to enable him to avail a loan from the first respondent. However, the second respondent committed continuous default in the matter of repayment. In the said circumstances, the first respondent, based on the award in A.R.C No. 1343/2008 under Section 70 of the Kerala Co- operative Societies Act, initiated recovery proceeding against the petitioner and the second respondent. Award in A.R.C No. 1343/2008 was an ex-parte award. As per the said award the first respondent is entitled to recover a total sum of Rs. 12,10,485/- together with future interest @16% per annum from the petitioner and the second respondent. The petitioner took up the matter in appeal before the Kerala Co-operative Tribunal as Appeal Petition No. 49/2010. A conditional order of stay was granted in the said appeal. It is challenging the conditions imposed while granting the stay that this writ petition has been filed. As per the order of stay passed by the Tribunal viz., Ext.P4 order the petitioner has been directed to WPC.26642/2010 : 2 : deposit an amount of Rs.4 lakhs on or before 8.9.2010. Considering the fact that the first respondent is entitled to recover a total sum of Rs.12,10,485/- as per the award under challenge before the tribunal and that the tribunal has passed an interim order requiring the petitioner to deposit only an amount of Rs.4 lakhs, I am not inclined to interfere with Ext.P4. However, the learned counsel appearing for the petitioner submitted that on account of financial constraints the petitioner could not comply with the conditions imposed as per Ext.P4, and prayed for granting extension of time originally granted as per Ext.P4. In the said circumstances, the time limit specified in Ext.P4 for payment of Rs. 4 lakhs is extended by one month and in case the petitioner pays the amount directed to be deposited as per Ext.P4 on or before 8.10.2010 it should be taken as compliance with Ext.P4 and the Kerala Co-operative Tribunal shall proceed to consider the appeal in accordance with law. Subject to the above this writ petition is dismissed. Sd/- (C.T. RAVIKUMAR, JUDGE) jma //true copy// P.A to Judge