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Judgment
Shaji P.Chaly, J
First petitioner has availed a chitty loan from the Kerala State Financial Enterprises Limited, to the tune of Rs.5,00,000/-. Second petitioner is the surety. Admittedly, repayment was defaulted, consequent to which, action is initiated by the Kerala State Financial Enterprises Limited, resorting to the provisions of the Kerala Revenue Recovery Act, 1968, evident from Exhibit P1 notice issued under section 36 of the Act, 1968.
Even though various contentions are raised in the writ petition, learned counsel for petitioners submitted that the petitioners may be permitted to pay the outstanding amounts in 24 equated monthly installments. The learned Standing Counsel for KSFE submitted that as on 31.3.2023, an amount of Rs.10,13,625/- is due from the 1st petitioner. The learned Standing Counsel has also opposed the reliefs sought for by the petitioners for repayment of the outstanding amount in 24 Equated Monthly Installments.
Having heard learned counsel for petitioners - Sri.Shyam Kumar M.P., learned Standing Counsel for the KSFE Sri.Salil Narayanan, learned Senior Government Pleader Smt.Deepa Narayanan and taking into account the adverse economic and financial situation prevailing in the community, the petitioners are permitted to pay the outstanding amounts in 15 equated monthly installments, starting from 28.3.2023 and the balance on the corresponding date of the succeeding months. I make it clear that if anyone of the installment is defaulted by the petitioners, the KSFE will be at liberty to proceed in accordance with law and recover the amount in lump.
Writ petition is disposed of accordingly.