The petitioners have subscribed to Chitties and obtained chitty loans from the Kerala State Financial Enterprises Ltd. [for brevity “KSFE”], the 2nd respondent herein. Admittedly the petitioners have, along with respondents 8 and 9 availed of such facilities, standing sureties for one another. The property that was mortgaged was that of the petitioners 1 and 2.
2. When proceedings were initiated against the 2nd petitioner's property, the very same petitioners approached this Court with W.P.(C).No.11219 of 2014, wherein ten instalments were granted. It is submitted that the instalments are intended to be paid from 01.06.2014.
3. In the above circumstance, the liability not covered by the judgment in W.P.(C).No.11219 of 2014 would also be settled in ten instalments, as directed therein, with 1st instalment starting on 15.06.2014. The KSFE shall issue a statement showing the liabilities covered in the Chitties, which are the subject matter of WP(C).No.11217 of 2014 - 2 -
the present writ petition, and the petitioners shall satisfy the entire liability as directed above. If default is committed in two consecutive instalments, then the recovery proceedings shall revive and continue. If the entire instalments are satisfied, then the recovery proceedings shall stand vacated.
Writ petition is disposed of as above. No costs.
vku.
Sd/-
K.Vinod Chandran, Judge ( true copy )