1. Petitioners were aggrieved with the recovery proceedings initiated against them for satisfaction of the defaulted amounts in their respective loan accounts. Petitioners 1 to 3, 5 and 6 have availed of loans from the first respondent and the fourth petitioner from the second respondent. Initially, by order dated 15.10.2008, the petitioners were directed to deposit 20% of the amounts outstanding, which the petitioners had complied with. Later on, by order dated 2.1.2009, this Court had issued a further interim order permitting the petitioners to clear the outstanding amounts in six equal monthly instalments, payable on or before the last working day of every month, commencing from January, 2009. The same, having not been complied with, the petitioners were again before this Court with W.P.(C)No.28821 of 2008 -:2:-
I.A.12255 of 2009 seeking extension of time. The second respondent herein was not impleaded in the said I.A. In any event, this Court, after looking at the earlier interim orders, dismissed the I.A. finding that the recovery proceedings cannot be interdicted.
2. With respect to the 4th petitioner, learned counsel for the second respondent submits that there is an award passed against the 4th petitioner and execution proceedings are pending before the appropriate court. It is also stated that 20% of the amounts, as per the interim order of this Court, had been deposited therein. Definitely, the second respondent would be entitled to seek for disbursement of the amount and for recovery of the balance amounts also.
3. Learned counsel for the first respondent submits that the 1st and 2nd petitioners had already cleared the loan account. In such circumstances, what remains is the loan of petitioners 3, 5 and 6.
4. Though the petitioners are not entitled to any further extension of W.P.(C)No.28821 of 2008 -:3:-
equity, since the matter is pending from 2009 onwards, it is directed that, if the petitioners 3, 5 and 6 satisfy their dues to the first respondent and the fourth petitioner to the second respondent in five equal monthly instalments, payable on or before the 15th of every month, commencing from January, 2015, the recovery proceedings shall be kept in abeyance during that period. If the said petitioners commit default in remitting any of the instalments, the respective respondents are entitled to proceed with the recovery, in accordance with law.
Writ petition is disposed off.
K. Vinod Chandran, Judge.
sl.