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Judgment
Shaji P.Chaly, J
Petitioners have availed a loan of Rs.2 lakhs from the Karuvilasserry Co-operative Bank, Thrissur, the 3rd respondent. Admittedly, repayment was defaulted, consequent to which, the society initiated arbitration proceedings as per the provisions of the Kerala Co-operative Societies Act, 1969. Award was passed and the award is pending in execution, evident from Exts.P1 and P2, before the Assistant Registrar (General), Chalakudy, Thrissur, the 2nd respondent. It is thus challenging the legality and correctness of the execution proceedings, this writ petition is filed.
Even though various contentions are raised, the learned counsel for the petitioners submitted that it would suffice if the petitioners are permitted to pay the outstanding amount in fifteen equated monthly installments.
The proposal made by the learned counsel for the petitioners is stoutly opposed by the learned Standing Counsel appearing for the Society. A detailed counter affidavit is filed by the Society, however, I am not proposing to traverse through the same, in view of the fact that the petitioners are prepared to pay the outstanding amount in equated monthly installments.
Having heard the learned counsel for the petitioners Sri. Ramesh P., and the learned Standing Counsel for the Society Sri. Manu Govind, and perusing the pleadings and materials on record and taking into consideration the adverse financial and economic situation prevailing in the community, petitioners are permitted to pay the outstanding amount in twelve equated monthly installments starting from 24.03.2023 and on the corresponding date of the succeeding months. I make it clear that if any of the installments is defaulted by the petitioners, the Society will be at liberty to proceed with the execution and recover the sum in accordance with law.
The writ petition is disposed of accordingly.