The petitioner is aggrieved by the recovery steps initiated by respondents 4 & 5. The petitioner was a subscriber to a chitty run by the respondent KSFE, who availed a chitty loan with No.94/2010 A-12. Since the repayment could not be effected as scheduled, the respondents 4 & 5 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 30.11.2014 is nearly `29,52,375/- (Rupees twenty nine lakh fifty two thousand three hundred and seventy five only). He also submits that, as per the Government Order dated 11.10.2013, instalment facility can be granted only on payment of minimum 30% of the arrears on demand and the maximum number of instalments shall not exceed 10.
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 amount' cleared, for which some breathing time is sought for.
W.P(C). No. 32023 of 2014 -2-
After hearing both the sides, the petitioner is directed to satisfy the 'entire' amount by way of 'eight' equal monthly instalments, the first of which 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 respondent 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