HIGH COURT OF JUDICATURE AT HYDERABAD FOR THE STATE OF TELANGANA AND THE STATE OF ANDHRA PRADESH PRESENT THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR WRIT APPEAL NO.1151 OF 2014 DATED:5.9.2014 Between:
G.V.V.V. Vara Prasad … Appellant And Government of A.P., Rep. by its Principal Secretary Cooperative Department Secretariat Buildings Saifabad Hyderabad And others … Respondents THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR WRIT APPEAL NO.1151 OF 2014 JUDGMENT: (per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) Having heard the learned counsel for the parties, we dispose of the appeal by the following judgment and order as we are of the view that it is difficult to pay the dues by the appellant at a time. The appellant has agreed to pay sum of Rs.7,40,000/- (Rupees seven lakhs and forty thousand only) in ten equal monthly instalments. As on today he has also agreed to pay interest on the above amount on reducing balance at the rate of nine per cent (9%) per annum.
After considering the hardship of the appellant and also considering the contention of the 2nd respondent bank, we direct the appellant to pay sum of Rs.7,40,000/- (Rupees seven lakhs and forty thousand only) in full and final settlement of the dues in ten equal monthly instalments. First of such instalment shall be paid by 10th of October, 2014 and shall go on paying the monthly instalment on or before 10th of each succeeding month, till the entire amount is paid. In addition to the aforesaid amount of instalment, the appellant shall also pay interest at the rate of nine per cent (9%) per annum on reducing balance. In default of payment of first instalment or last instalment or any one instalment, the bank will be entitled to recover the entire amount taking all lawful measures for the balance amount due. The appellant is restrained from transferring, alienating, or disposing of his fixed assets and properties till the amount is paid off, save and except in usual course of business. The appellant shall also supply particulars of his fixed assets and properties in his own name to the bank within a week from date.
With the above directions, the appeal is disposed of.
Consequently, pending miscellaneous petitions, if any, shall stand closed. There will be no order as to costs.
K.J. SENGUPTA, CJ SANJAY KUMAR, J 5.9.2014 bnr