APPA P Vs. KERALA STATE FINANCIAL ENTERPRISES LTD

JUDGEMENT

(1.) THE petitioner is a subscriber to a chitty conducted by the first respondent. THE chit was prized in favour of the petitioner for Rs.3,50,000/-(Rupees three lakhs fifty thousand) on 24.05.2010. THEre were two other chitties as well, in the names of the sons of the petitioner, which were also prized in their favour and the property belonging to the petitioner was given as security for enabling disbursement of the due amount.

(2.) AFTER obtaining the amounts on prizing the chits, the parties were never prompt in discharging the liability by way of monthly instalments as agreed and scheduled. Under the said circumstances, there was no alternative for the respondents, but to proceed against the petitioner in accordance with the relevant provisions of law, also by issuing Ext.P2 notice for causing sale of 74.25 cents of land for realizing the total amount of Rs.18,00,196/-(Rupees eighteen lakhs one hundred and ninety six) as mentioned therein. The petitioner is challenging the said proceedings before this Court.

(3.) IN the said circumstances, taking note of the total liability as on 24.5.2010 as Rs,18,00,196/-(Rupees eighteen lakhs one hundred and ninety six) with subsequent interest and such other incidental charges, the petitioner is directed to satisfy a sum of Rs.3,00,000/-(Rupees three lakhs) within 'two weeks' from the date of receipt of a copy of this judgment and a further sum of Rs.2,00,000/-(Rupees two lakhs) within 'two weeks' thereafter. On such payment, the coercive proceedings now being proceeded against the petitioner shall be kept in abeyance; subject to the satisfaction as above, it will be open for the petitioner to approach the second respondent by filing an application for 'one time settlement' or for such other benefits if any to wipe out the liability in toto, which shall be filed along with the second instalment as above. On filing any such application, the second respondent shall pass appropriate orders in accordance with law, as expeditiously as possible, at any rate, within one month from the date of receipt of such application. Further steps for recovery shall be in tune with such orders to be passed in the said application. Writ petition is disposed of.