COMMON ORDER

The petitioner has filed the writ petition seeking a writ of mandamus forbearing the second and third respondents from taking possession of the agricultural machinery bearing chasis number IN10393 of the petitioner without due process of law and for consequential direction to direct second and third respondents to reschedule the loan of the petitioner. The contempt petition is filed to punish the respondents for their deliberate and willful disobedience of the order of this Court made in MP(MD)No.1 of 2013 in WP(MD)No.12910 of 2013 dated 02.08.2013.

2.Both the contempt petition and the writ petition are taken up for hearing and disposed of by this common order.

3.The learned Counsel for the petitioner submits that the petitioner borrowed a sum of Rs.14,12,495/- in the third respondent bank for the purchase of agriculture machine from Kubota Agriculture Machinary India DC-68 G, Chasis No.IN10393 by way of loan cum hypothecation in hypothecation No.OKG148043R12000453028. The repayment of installments are 12 and the installment is once in a three months. The petitioner has paid three installments and only January and April 2014 installments have to be paid. While so, the second and third respondents sent a legal notice dated 06.06.2013 calling upon the petitioner to pay the due amount of Rs.3,75,000/- or otherwise within stipulated time, vehicle would be taken possession.

4.The petitioner has sent a representation seeking time to pay the dues and requested them to reschedule the loan amount. The petitioner to show his bonafide has also paid a sum of Rs.75,000/- on 03.07.2013. While so, on 22.07.2013 the second and third respondents attempted to take possession of the vehicle and therefore, he filed the above writ petition.

5.The learned Counsel for the petitioner further submits that the cost of the vehicle is R.21,75,000/-; loan amount is Rs.14,12,945/-; Down payment is Rs.7,62,505/-; Upto October 2013, the petitioner paid five installments i.e., a sum of Rs.7,90,000/-;

Total amount paid by the petitioner is Rs.15,52,505/-.

6.This Court while entertaining this writ petition granted an order of interim injunction in MP(MD)No.1 of 2013 in WP(MD)No.12910 of 2013 dated 02.08.2013 restraining respondents 2 and 3 from taking possession of the agriculture machinery bearing chasis number IN10393, pending disposal of the writ petition. This order dated 02.08.2013 was made ready on 07.08.2013. While so, the second and third respondents are said to have taken possession of the petitioner's machinery on 26.02.2014 with the help of goondas and therefore, the petitioner has also filed a contempt petition in Cont.P(MD)No.1566 of 2014 before this Court. This Court has issued notice in the contempt petition.

7.The learned Counsel for respondents submits that the petitioner has approached the second and third respondents and obtained loan of Rs.14,12,495/- for purchasing Kubota Agriculture Machinery India DC-68 (Harvester Machine) on loan cum hypothecation agreement. As per the agreement the petitioner agreed to repay the said loan with interest aggregating to Rs.18,96,000/- in 12 installments as per the repayment schedule. The repayment schedule commences from

10.04.2012 and the petitioner has to pay a sum of Rs. 1,58,000/- in each installment. Under the terms and conditions of the said agreement the petitioner has agreed to pay additional interest at the rate of 36% for delayed payments. Further the respondents 1 and 2 are entitled to repossess the vehicle in the event of default in payment of schedule installments. The petitioner has failed to pay the installment falls due on January and April 2013 the respondent 2 and 3 have issued notice dated 06.06.2013 calling upon the petitioner to pay the then due amount Rs.3,75,932/-.

8.The learned Counsel for the respondents submits that the transaction between the petitioner and the second and third respondents are purely based on the contract and as per clause 12(1) of the terms of the loan cum