IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH & THE HONOURABLE MR. JUSTICE M.L.JOSEPH FRANCIS FRIDAY, THE 5TH AUGUST 2011 / 14TH SRAVANA 1933 RFA.No. 316 of 2010 ----------------------------- OS.89/2006 of SUB COURT, OTTAPPALAM .................... APPELLANTS (S):/DEFENDANTS: ---------------------------------------------- 1. A.JANAKI, AGED 51 YEARS, W/O.M.R.RADHAKRISHNAN, RESIDING AT "SREEVALSAM", ALINGAL, KARKIDAMKUNNU P.O., MANNARKKAD. 2. M.R.RADHAKRISHNAN, AGED 55 YEARS, S/O.LATE RAMAN, RESIDING AT "SREEVALSAM", ALINGAL, KARKIDAMKUNNU P.O., MANNARKKAD. BY ADV. SRI.C.HARIKUMAR SMT.MOLLY KOSHY RESPONDENT(S): PLAINTIFF: ----------------------------------------- THE FEDERAL BANK LTD., REPRESENTED BY ITS MANAGER, FEDERAL BANK LTD., ALANALLUR BRANCH, MANNARKKAD. BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) SRI.P.R.MILTON THIS REGULAR FIRST APPEAL HAVING BEEN FINALLY HEARD ON 05/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M.JOSEPH & M.L.JOSEPH FRANCIS, JJ. ----------------------------------------- R.F.A.No.316 of 2010-B ----------------------------------------- Dated, this the 5th day of August, 2011 J U D G M E N T K.M.Joseph, J. This appeal is filed by the defendants in a suit for recovery of money. The trial court decreed the suit in a sum of Rs.2,90,459/- with future interest @ 6 % per annum till the amount is realised. It appears that, this is a case where the suit was for recovery of money secured by mortgage. The court overruled the contention based on limitation noting that in a suit for recovery of amount secured by mortgage the period of limitation is 12 years. Therefore, the learned counsel for the appellants could not establish before us that the suit is barred by limitation. Then the learned counsel for the appellants pointed out that the rate of interest is on the higher side. 2. We heard the learned counsel for the respondent Bank also. The learned counsel for the respondent would submit that only 14.5% interest has been charged and that is in accordance with the contract. In fact, the trial court has granted future interest at 6% noting the facts and circumstances of the case that the business of the appellants ended in failure and the business has been closed and the appellants are in financial RFA 316/2010 -2- crisis. Therefore, considerable relief has already been granted. There is no doubt that the loan is availed by the appellants to start a small scale industry under the womens' scheme. Therefore, it may be difficult for us to treat it as a non-commercial transaction. Therefore, we do not see much merit in the contention of the appellants. Then the learned counsel for the appellants would submit that some time may be granted to pay the remaining amount. It is pointed out that already the loan amount which has been deposited was allowed to be withdrawn. 3. After having heard the learned counsel for the appellants and also the learned counsel for the respondent Bank, we accede to this request of the appellants and while we reject all contentions of the appellants, we dispose of the appeal by giving time to the appellants to pay the balance amount till 31.3.2012. (K.M.JOSEPH) JUDGE. (M.L.JOSEPH FRANCIS) JUDGE. MS