Sri Venkatesh Kumar. M vs M/s The Millennium Credit Co-operative Society Ltd., The Sale Officer, M/s. The Millennium Credit Co-Operative Society Ltd. and Joint Registrar of Co-Operative Societies, Bangalore

Ashok B. Hinchigeri, J.—The petitioner has called into question, the auction notification, dated 07.04.2013 (Annexure-A). The facts of the case in brief are that the petitioner had availed of the financial assistance from the first respondent Bank. On his committing the default in repayment of the amounts, the first respondent raised the dispute u/s 70 of the Karnataka Co-operative Societies Act, 1959 before the third respondent. The third respondent passed the award directing the petitioner to pay a sum of Rs. 11,33,120/- with interest at 15% p.a. thereon. When the petitioner''s house property was being brought to auction for enforcing the said award, this petition is filed.

Sri C.M. Nagabhushan, the learned counsel for the petitioner submits that the petitioner has already paid Rs. 8,20,000/- which is also acknowledged by Sri V.F. Kumbar, the learned counsel for the respondents Nos. 1 and 2. He submits that the petitioner does not dispute his liability to satisfy the award; that is why he has not even challenged the award. All that the petitioner wants is little more time to pay the amounts as per the award. Today, a memo duly signed by the petitioner and his learned advocate is filed. In the memo he has sought one year''s time to pay the outstanding amount in four equal quarterly installments.

Sri V.F. Kumbar, the learned counsel for the respondent Nos. 1 and 2 has no objection to the granting of one year''s time but with the rider that if the petitioner commits two defaults, it shall be open to the respondent Nos. 1 and 2 to take steps in accordance with law to enforce the award.

On hearing the learned advocates, I allow this petition by quashing the impugned notification and by directing the petitioner to pay the entire outstanding amount in one year''s time in four equal quarterly installments. Should the petitioner commit two defaults in adhering to this time schedule, liberty is reserved to the respondent Nos. 1 and 2 to enforce the award in accordance with law. No order as to costs.