IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.1491 OF 2009 IN EXECUTION APPLICAITON NO.387 OF 2006 Bombay Mercantile Co-operative Bank Ltd. ..Claimants Vs. M/s. Gaurav Oceanic Shipping Ltd. & Ors. ..Respondents Mr. Sapna i/b Mr. T. N. Tripathi for the Claimants Mr. Pankaj S. Shah for Respondent No.2(A) CORAM: DR. D.Y. CHANDRACHUD, J. DATE: 8th October , 2009 P.C. : 1. The Chamber Summons has been taken out for an extension of time until 31st December 2009, to deposit the third installment of Rs.16.50 lacs. By the order of the Court dated 27th January 2009, a time schedule for the payment of installments was fixed with the agreement of the parties. Before this Court, it is common ground that the payment of the previous installments which was to take place on 15th March 2009 and 15th June 2009 did not take place on time and there were defaults. Three previous Chamber Summons were taken out on which an indulgence was shown to the Applicant and an extension of time was granted. Counsel appearing on behalf of the Claimants has opposed the grant of any further extension of time. However, considering the fact that the Applicants have already deposited an amount of Rs.33 lacs out of the total decreetal amount of Rs. 76,21,440/-, it would be appropriate to grant an extension of time, though not in the terms as sought. The Applicants have sought an extension for the payment of the third installment until 31st December 2009. That is manifestly unreasonable, because the 4th installment is due on 31st December 2009. 2. The Chamber Summons is disposed of by granting time until 9th November 2009 for the payment of the third installment on the express condition that no further indulgence will be granted for the payment of the aforesaid installment. In the event of default, the consequences envisaged in the order of the Court dated 27th January 2009 shall ensue. The Chamber Summons is accordingly disposed of. 3. The Applicants shall pay costs quantified at Rs.5,000/- to the Decree holder within a period of two weeks from today. (Dr. D.Y.Chandrachud, J)