The petitioner is aggrieved by the recovery steps initiated by respondents as per Ext.P1 notice. The petitioner had availed a chitty loan of Rs.2.5 lakhs in the year 2009. Since the repayment could not be effected as scheduled, the respondents have proceeded with steps, which made the petitioner to approach this Court by filing this writ petition.
2. The learned standing counsel appearing for the KSFE submits that, the 'total liability' as on 10.11.2014 is about `5,21,603/- (Rupees five lakh twenty one thousand six hundred and three only).
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'entire liability' cleared, for which some breathing time is sought for.
After hearing the both sides, the petitioner is given liberty to satisfy the 'entire liability' by way of 'six regular monthly' installments. The initial 5 installments shall be at the rate of `1,00,000/- (Rupees one lakh) each and the residual amount W.P(C). No. 29616 of 2014 -2-
shall be cleared as per the 6th installment. The first installment shall be effected on or before the 20th of December, 2014, followed by similar installments, to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above, it will be open for the respondents to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE Pn