George. Vs. Devikulam Taluk Co-op.

George. vs Devikulam Taluk Co-op.

Type Court Judgment Court Kerala Decided Dec 22, 2010

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https://sooperkanoon.com/case/917064

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Citation: sooperkanoon.com/917064
Court: Kerala High Court
Judge: C.T.Ravikumar, J.
Decided On: Dec 22, 2010
Case Number: WP(C).No. 33595 of 2010(Y)
Subject: Arbitration

Case Summary

AI-generated summary - not the official court judgment text.

Arbitration

Key legal issue: Arbitration

Parties & Advocates

Appellant / Petitioner

George.

Advocate SRI.A.C.DEVASIA, Adv.

Respondent

Devikulam Taluk Co-op.

Advocate SRI.C.K.VIDYASAGAR, Adv.

Legal References

Reported In: ILR2010(4)Ker467

Excerpt

.....of the said proceedings that ext.p1 sale notice has been issued. the petitioner did not have a case that he has successfully challenged the award passed in the arbitration case. in the said circumstances, the petitioner cannot disown the liability to discharge the aforesaid liability arising out of the said loan transaction. on 8.11.2010 this court passed an interim order directing the petitioner to pay an amount of rs.1,00,000/- to the first respondent. the learned standing counsel for the first respondent submitted that in compliance with the said interim order the petitioner has remitted rs.1,00,000/- with the first respondent. thus, as against the demand made as per ext.p1, after deducting the amount already paid based on the interim order, an amount of rs.4,16,404/- is still remaining to be paid. the learned standing counsel for the first respondent submitted that the petitioner is liable to pay interest accrued thereon after the issuance of ext.p1 notice. when faced with such a situation the learned counsel for the petitioner submitted that the petitioner may be given liberty to pay the outstanding liability in instalments. 2. after hearing the learned counsel on both sides this writ petition is disposed of granting liberty to the petitioner to pay off the balance amount towards the aforesaid loan account in six monthly instalments commencing from 30.1.2010. the balance instalments shall be paid on or before the 30th day of every succeeding month. it is made clear that in case of failure on the part of the petitioner to pay the instalments as directed above, it will be open to the first respondent to proceed with the steps already initiated.

Full Judgment

1. The petitioner who has availed a loan of Rs.2.5 lakhs from the first respondent filed this writ petition, on receipt of Ext.P1 sale notice, with the prayer to quash the same. The further prayer is for issuance of a writ of mandamus commanding the respondents not to initiate any coercive steps based on Ext.P1. Evidently, on account of the chronic default on the part of the petitioner in repaying the instalments towards the said loan account the first respondent has resorted to arbitration proceedings. It is only based on the outcome of the said proceedings that Ext.P1 sale notice has been issued. The petitioner did not have a case that he has successfully challenged the award passed in the arbitration case. In the said circumstances, the petitioner cannot disown the liability to discharge the aforesaid liability arising out of the said loan transaction. On 8.11.2010 this Court passed an interim order directing the petitioner to pay an amount of Rs.1,00,000/- to the first respondent. The learned standing counsel for the first respondent submitted that in compliance with the said interim order the petitioner has remitted Rs.1,00,000/- with the first respondent. Thus, as against the demand made as per Ext.P1, after deducting the amount already paid based on the interim order, an amount of Rs.4,16,404/- is still remaining to be paid. The learned standing counsel for the first respondent submitted that the petitioner is liable to pay interest accrued thereon after the issuance of Ext.P1 notice. When faced with such a situation the learned counsel for the petitioner submitted that the petitioner may be given liberty to pay the outstanding liability in instalments.

2. After hearing the learned counsel on both sides this writ petition is disposed of granting liberty to the petitioner to pay off the balance amount towards the aforesaid loan account in six monthly instalments commencing from 30.1.2010. The balance instalments shall be paid on or before the 30th day of every succeeding month. It is made clear that in case of failure on the part of the petitioner to pay the instalments as directed above, it will be open to the first respondent to proceed with the steps already initiated.

Same Court & Year Kerala · 2010 Same Parties George. vs Devikulam Taluk Co-op. Same Subject Arbitration Same Judge C.T.Ravikumar, J.