Mr Kevin Khakhathi, who is a local business tycoon residing at an affluent area known as Unit 4, Selbourne Estate, Port Alfred. On 14 November 2021 Mr Khakhathi approached the head offices of your client (SMS Financial Services (Pty) Ltd) at SMS House, 16 Oxford Street, JOHANNESBURG to request a loan in order to finance acquisition of his brand new Bell 222 Helicopter which was being sold for R12 825 000,00. The loan amount of R15 million was immediately approved and the necessary documentation was signed on which occasion the loan agreement was concluded between the parties. In terms of the loan agreement, the monies lent and advanced would be repaid in 30 monthly instalments of R500 000, 00 per month commencing from January 2022.

Mr Khakhathi defaulted with his January monthly instalment and is now in arrears for an amount of R500 000, 00. On 26 January 2022 Mr Khakhathi paid his January monthly instalment by issuing cheque in favour of SMS valued at R500000, 00 and payable by Standard Bank of SA Limited. Later on the cheque bounced on account of insufficient funds in the account and it was referred to the drawer.

You are an attorney acting on behalf of the Plaintiff(s) instituting civil action proceedings against the Defendant (Mr Khakhathi) for recovering the debt owed by him to you client in terms of the abovementioned loan agreement. Summons have been issued and matter is being defended. The matter is before the JOHANNESBUR High Court (Local Circuit). Through his attorneys, the Defendant (Mr Khakhathi) has recently filed a Plea.

NB: Draft a legal DOCUMENT opinion advising the Plaintiff on the extra-ordinary option (procedure) that is available to him after Defendant's Plea. In your opinion, also indicate how such procedure has changed in recent times.