The writ petition filed by the petitioners was disposed of, enabling the petitioners to liquidate the liability by way of ten equal monthly installments. It is stated that some of the initial installments were satisfied. The petitioners have now come up with this review petition, pointing out the hardships in satisfying the extent of liability now mulcted on the shoulders of the petitioners.
2. The learned counsel for the petitioners points out that, at the time of finalization of the judgment, the liability was about Rs.8.1 lakhs and that the petitioners have already satisfied the initial 'five' installments. By virtue of this, more than 50% of the total liability is already cleared. The prayer is only to reschedule the payment with regard to the balance.
3. Heard the learned standing counsel for the respondent Bank as well, who concedes that the petitioner has already satisfied 'five' installments and that the balance amount is nearly Rs. 4.83 lakhs, as on date, with subsequent interest and costs.
R.P. No. 461 of 2014 in W.P.(C) No. 5001 of 2014 : 2 :
4. Considering the facts and circumstances and the earnest efforts taken from the part of the petitioners to prove the bonafides by deed, effecting nearly 50 % of the due amount, this Court finds it fit and proper to permit the petitioners to liquidate the balance liability by way of 'ten' monthly installments commencing from 30.10.2014, followed by similar installments to be effected on or before the 30th of the succeeding months. The initial 'nine' installments shall be of Rs.50,000/- each and the 10th installment shall be for the residual amount, so as to wipe off the entire liability. The recovery proceedings stated as being pursued against the petitioners shall be kept in abeyance for the time being. It is made clear that, if the petitioners commit any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
kmd Sd/-
P. R. RAMACHANDRA MENON, (JUDGE)