The only prayer in this petition under Article 227 of the Constitution of India is to allow the petitioners to pay off the amount taken from the respondent Bank in instalments. 2. Learned counsel appearing for the respondent-decree holder submits that as on date, the amount due is Rs.4,44,310/- with future interest as per the decree. It is further pointed out that subsequent to the issuance of warrant, a sum of Rs.25,000/- and Rs.20,000/- have been paid towards decree amount.
3. Learned counsel appearing for the petitioners points out that the petitioners may be allowed to pay an amount of Rs.50,000/- within two months and balance amount in ten equal monthly instalments.
4. Objection is taken by the respondent who submitted that it is too long a period and the Bank may suffer injury and loss.
O.P.(C) No.2857/2014 2
5. After having given anxious consideration to various aspects and also taking into consideration the capacity of the petitioners to raise the amount, it is felt that the proposal suggested by the learned counsel for the petitioners is just and reasonable. This original petition is therefore disposed of as follows:
The petitioners shall pay an amount of Rs.50,000/- (Rupees Fifty Thousand only) on or before 15.02.2015 and thereafter the balance amount in ten equal monthly instalments and each of the instalment will fall due on 15th of every succeeding months. If any of the instalments is not paid, the respondent Bank will be allowed to proceed with the execution. Execution proceedings shall be kept in abeyance for the time being.
Sd/-
P.BHAVADASAN JUDGE smp