The 2nd petitioner enrolled in a Chit conducted by the 1st respondent and on the petitioner becoming a prized subscriber, amounts were disbursed to the 2nd petitioner on the guarantee executed by the the 1st petitioner. The 2nd petitioner admittedly defaulted the amounts and now has been proceeded against for recovery by the 1st respondent. By Ext.P3, petitioner's property has been proceeded against. The petitioners only contention is that if instalment facility is granted, they shall satisfy the entire dues, in which event, the valued property would be saved from recovery proceedings. In such circumstance, the writ petition is disposed of with the following terms:-
(i) The petitioners shall produce a certified copy of this judgment before the 1st respondent within two WPC.No.9143/2014 : 2 :
weeks of receipt of the same.
(ii) The 1st respondent shall quantify the amounts due under the various transactions of the petitioner and inform the petitioner in writing the amounts due as on 31.05.2014.
(iii) The 1st respondent shall grant six monthly instalments for the payment of the balance dues, starting from 21.06.2014.
(iv) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(vi) On the 6th instalment being satisfied, the respondent shall issue a statement of the interest accrued from 31.05.2014 which shall be satisfied by the petitioner on the 21st of the succeeding month.
WPC.No.9143/2014 : 3 :
(vii) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
Writ Petition is disposed of as above, making it clear that the respondent will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge