ORDER

1. Leave granted. This appeal arises against the order of the High Court of Punjab & Haryana in Second Appeal No. 1165/93 dated May 28, 1993 dismissing the appeal of the appellant in limine. The respondent is the landlord who obtained loan from the appellant and constructed a building for the business of the appellant in ground floor of the premises bearing No. 55 at Tripurari Sadan, Patiala. The appellant charged interest @ 16% per annum with quarterly rests thereon. Impugning the liability, the respondent laid the suit and the trial court reduced the rate of interest to 15% p.a. and also set aside the liability of quarterly rest. On appeal it was confirmed. As said earlier, the second appeal was dismissed in limine. Thus the appeal by special leave.

2. The contention of the appellants is that the respondent had approached for a term loan for construction of the building with a condition to lease it out to the appellants. In the promissory note and the documents executed by the respondent, it was specifically agreed that the term loan granted by the appellants would carry not only the interest at the rate stipulated therein, but also quarterly rest. It is stated that the word