1 IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR -------------------------------------------------------- SPL. APPL. WRIT No. 888 of 2006 M/S.JAIN BANDHU SNEH RESORTS P.LTD. V/S RAJ.FINANCIAL CORPORATION & ANR. Mr. MS SINGHVI), for the appellant. Mr. ANJAY KOTHARI), Mr. NM LODHA, for the respondent. Date of Order : 13.8.2008 HON'BLE SHRI N P GUPTA,J. HON'BLE SHRI KISHAN SWAROOP CHAUDHARI,J. ORDER ----- Learned counsel for the appellant submits, that he may be granted, time up to 31.3.2009, for settlement of the entire accounts, by the appellant's own resources or by obtaining financial assistance, from other financial institutions, taking benefit of the NOC, issued by the RFC, and also submits, that the respondents be directed to provide the statement of accounts, and also waive 50% of the penal interest, as was agreed, during the earlier negotiations. In our view, the time prayed for is very long. However, looking to the magnitude of the amount involved, we think it appropriate to grant the time, ofcourse, subject to the conditions of the appellant's depositing minimum amount of 2 Rs. 10,000,00/- per month, till 31.3.2009, or till the account is cleared up, whichever is earlier. First payment, to be made on or before 01.9.2008. The respondents are also directed to provide statement of accounts to the appellant. So far as the request of waiver of penal interest is concerned, the appellant may submit representation to the respondents as to in what circumstances, earlier negotiations took place and, what are the entitlements for the appellant, for waiver, and the same shall be considered by the respondent, on its own merits objectively and dispassionately. This disposes of the writ petition and the appeal. It is however clarified that if the appellant, fails to pay the aforesaid amount, in any month, the writ petition and the appeal shall stand dismissed, unconditionally. ( KISHAN SWAROOP CHAUDHARI ),J. ( N P GUPTA ),J. /ns. /