IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR MONDAY, THE 13TH DECEMBER 2010 / 22ND AGRAHAYANA 1932 WP(C).No. 37060 of 2010(F) --------------------------------------- PETITIONER(S): --------------------- K.M. RAVI, AGED 48 YEARS, S/O.MANIKAN, KARAKKADA HOUSE, MULAYAM P.O., THRISSUR DISTRICT. BY ADV. SMT.S.L.SYLAJA RESPONDENT(S): ------------------------- 1. THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., REPRESNTED BY ITS GENERAL MANAGER, THRISSUR, PIN-680 610. 2. THE BRANCH MANAGER, THE THRISSUR DIST. CO-OPERATIVE BANK LTD. OLLUR, PIN-680 615. 3. ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES ARBITRATOR CUM SPECIAL SALE OFFICER THRISSUR DISTRICT CO-OPERATIVE BANK LTD. THRISSUR, PIN-680 610. R1 & R2 BY ADV. MR.P.C. SASIDHARAN, SC. R3 BY GOVT. PLEADER THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/12/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs C.T.RAVIKUMAR, J. --------------------------------------- W.P(C)No.37060 of 2010 ---------------------------------------- Dated 13th December, 2010 JUDGMENT The petitioner who is a loanee of the first respondent had committed default in repayment of the instalments towards the loan sanctioned to him as loan account No.961. Admittedly, on account of the chronic default on the part of the petitioner the first respondent had filed an arbitration case and that culminated in the award in ARC.No.634 of 2008. Even after the award the petitioner did not effect any payment. Therefore, the first respondent has filed an execution petition as E.P.No.429 of 2009. Even after receiving notice thereon the petitioner did not make any payment at all. Therefore, Ext.P1 sale notice has been served on the petitioner with a view to realise the amount in terms of the award in ARC.No.634 of 2008. This writ petition has been filed challenging Ext.P1 sale notice. 2. I have heard the learned counsel appearing for the petitioner as also the learned standing counsel for respondents 1 and 2. When this matter is taken up today, the learned counsel appearing for the petitioner submitted that the petitioner is prepared to confine his prayer to one for a direction to the first respondent to permit WP(C).No.37060/2010 2 him to discharge his liability in instalments. The learned standing counsel for the first respondent submitted that in case the petitioner makes a substantial payment towards the amount due and undertakes to pay off the entire liability on or before 31.3.2011, no coercive steps will be taken to realise the amount in terms of the award in ARC.No.634 of 2008. In view of the said submission, this writ petition is disposed of permitting the petitioner to clear the entire liability in terms of the award in ARC.No.634 of 2008 on or before 31.3.2011. However, the petitioner shall effect a payment of Rs.50,000/- within three weeks from today and the balance amount shall be paid on or before 31.3.2011. It is made clear that in case of failure on the part of the petitioner to comply with the conditions regarding payment it will be open to the respondents to proceed with the steps already taken. However, in case the petitioner pays Rs.50,000/- within three weeks, the steps taken pursuant to Ext.P1 shall be kept in abeyance till 31.3.2011. Sd/- C.T.RAVIKUMAR Judge TKS // True copy // P.S to Judge