MOHAMMED BASHEER K P Vs. DEPUTY GENERAL MANAGER

JUDGEMENT

(1.) By virtue of Section 31(i) thereof, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for short, the 'Act', does not apply to any security interest created in agricultural land. The issue raised in this writ appeal is as to whether such exemption applies to lands on which rubber plants/trees are grown.

(2.) Learned Single Judge noted that the term 'agricultural land' is not defined in the Act. Therefore, it was taken that the term had to be read and understood as in common parlance. With that, the decision in State of Kerala v. Lucy Kochuvareed,1987 1 KerLT 578 was distinguished and it was held that considering the scope and ambit of the relevant provisions of the law and also the scheme of the statute, it can only be read and understood as not including rubber plantation even by the farthest stretch of imagination. The writ petition was accordingly dismissed. Hence this appeal by the writ Petitioner.

(3.) Heard learned Counsel for the Appellant and the learned Counsel for the Respondents.