ARUMUGHAN Vs. SECRETARY DISTRICT CO-OPERATIVE BANK CHITTOOR BRANCH ANIKODE JUNCTION CHITTOOR PALAKKAD DISTRICT

JUDGEMENT

(1.) THE only prayer made before me by the learned counsel for the petitioners is for permission to pay the amounts due to the respondents in instalments. According to the petitioners, they are in a state of acute financial stringency. In compliance with the conditions stipulated by this Court while granting the interim order, an amount of Rs.15,000/- has been paid by them. THEy are continuing to remit payments each month, at the rate of Rs.5,000/- towards the liability regularly. THE petitioners therefore seek the facility to pay off the entire debt by making monthly payments at the rate of Rs.5,000/-, or in twelve equal monthly instalments.

(2.) ADVOCATE M.P.Asok Kumar who appears for the respondents opposes the prayer of the learned counsel for the petitioners contending that 12 instalments may not be granted. According to the counsel, the petitioners may be permitted to pay the entire balance amount in five equal monthly instalments.