Disposed

K.R.Sasikumar v. P.v.C.Chit Fund

Kerala HC16 Dec 2009WP(C)/7833/2009

Case brief

AI extract

What is this about?

The High Court at Ernakulam disposed of a writ petition filed by judgment debtors challenging property sale proceedings in an execution petition. Petitioners deposited part of the debt. The Court allowed them to discharge the remaining balance through ten monthly instalments of Rs.20,000 starting January 2010, directing the lower court to close the execution pending compliance.

What did the court decide?

Permission granted to pay outstanding decree debt in ten equal monthly instalments of Rs.20,000 each commencing January 2010.

K.R.Sasikumar Vs P.v.C.Chit Fund — Banking and Recovery | Kerala HC (2009)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HONOURABLE MR. JUSTICE S.S.SATHEESACHANDRAN

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WEDNESDAY, THE 16TH DECEMBER 2009 / 25TH AGRAHAYANA 1931

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WP(C).No. 7833 of 2009(O)

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------------------------OS.422/2004 of PRL.SUB COURT,KOTTAYAM

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PETITIONERS:

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K.R.SASIKUMAR, SAYOOJYA, KUDAMALOOR P.O., KOTTAYAM.

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K.AMMINIKKUTTY, W/O. SASIKUMAR, SAYOOJYA, KUDAMALOOR P.O., KOTTAYAM.

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BY ADV. MR.LIJI.J.VADAKEDOM

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RESPONDENT:

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P.V.C.CHIT FUNDS, REPRESENTED BY ITS MANAGING PARTNER, ITTY IYPE CHERIYAN, KESAMATTOM PUTHENPURA, NATTASSERY P.O., VIJAYAPURAM, KOTTAYAM.

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ADV. MR.K.JAYAKUMAR MR.P.B.KRISHNAN MS.GEETHA P.MENON MR.NEELAKANDAN.P.M.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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S.S.SATHEESACHANDRAN, J.

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W.P.(C).No.7833 of 2009 - O

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Dated this the 16^th day of December, 2009

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J U D G M E N T

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Petitioners are the judgment debtors in E.P.No.20 of 2007 in O.S.No.422 of 2004 on the file of the Sub Court, Kottayam. Decree executed is one passed for recovery of money based on a chitty prized, and, the respondent is the decree holder. In execution of the decree an immovable property belonging to the 2^nd judgment debtor after attachment complying with the formalities has been proceeded for sale. At that stage, petitioners/judgment debtors have filed the above writ petition impeaching the steps taken for sale or the property.

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Notice being given, respondent/decree holder has entered appearance. I heard the counsel on both sides.

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Pursuant to orders passed by this Court from time to time, petitioners/judgment debtors have deposited till date a sum of Rs.2 Lakhs towards the decree debt. The outstanding liability now, after such payment, it is submitted, is approximately around Rs.2 Lakhs. The only plea canvassed by the learned

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W.P.(C).No.7833 of 2009 - O

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counsel for the petitioners/judgment debtors at the time of hearing is indulgence of this Court for discharging the balance decree debt due by instalment payments. Learned counsel for the respondent has no objection in extending the benefit of instalment payment subject to fixation of reasonable sum as instalments by this Court.

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Having regard to the outstanding liability due on the decree debt, I find that rate of instalment of Rs.20,000/- per month for a period of 10 months would be reasonable and appropriate. Petitioners/judgment debtors are granted permission to discharge the decree debt by 10 equal monthly instalments of Rs.20,000/- with such payments to commence from the month of January, 2010 onwards. The instalment payment as directed shall be deposited in court or paid at the office of the respondent and receipt collected on or before 15^th of every month. In case 15^th happens to be a holiday, such deposit/payment shall be made on the next working day itself. In the event of default in payment of even one instalment, the decree holder will be at liberty to proceed for realisation of the

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W.P.(C).No.7833 of 2009 - O

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balance decree debt in lump discarding the instalment facility extended by this Court. Whatever outstanding amount due after payment of th 9^th instalment shall be cleared in the 10^th instalment irrespective of rate of instalment of Rs.20,000/- fixed as above. Petitioners/judgment debtors have to make payment for the month of April as well during the period of mid summer vacation of the courts on or before the date fixed at the office of the respondent and collect receipt of such payment. Court below is directed to close the execution petition in the light of the orders/directions given above, but, such petition shall be revived in case there is default in complying with the instalment facility extended, if so applied for by the decree holder.

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Subject to the above observations, the writ petition is closed.

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S.S.SATHEESACHANDRAN, JUDGE.

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bkn/-

K.R.Sasikumar v. P.v.C.Chit Fund

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K.R.Sasikumar v. P.v.C.Chit Fund

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