ORDER :

G.R. Swaminathan, J.

1. The petitioner was a subscriber to one of the chit groups run by the third respondent. The value of the chit was Rs. 3.00 lakhs payable at Rs. 10,000/- per month in 30 monthly installments. He bid in the second auction held on 20.08.1998 in the third month. The case of the petitioner is that he prized the chit for a sum of Rs. 2.10 lakhs, the discount being Rs. 90,000/-. He executed a promissory note for a sum of Rs. 2.70 lakhs and three of his relatives stood as sureties. Yet the foreman paid him only a sum of Rs. 86,900/- after deducting Rs. 3,100/- towards verification charges, Rs. 10,000/- towards the current installment and retaining a sum of Rs. 1.00 lakh as Fixed Deposit for a period of twelve months. The petitioner continued to remit the monthly dues till the 20th installment. Following his default, the foreman issued legal notice dated 13.02.2000 calling upon the petitioner to pay the entire balance amount of Rs. 1,42,222/-. After receiving the same, the petitioner paid a sum of Rs. 9,400/-, Rs. 8,500/- and Rs. 8,250/- on various dates. Si