KODANDARAMAYYA, J.

( 1 ) THIS appeal was referred to a Division Bench by Madhava Reddy, J. , (as he then was) on 17-4-1980 on the question whether the loan contracted by the appellant-defendant from the plaintiff bank - Syndicate Bank carrying an interest of 12% p. a. and 21% p. a. in case of default by itself could be deemed to be excessive and usurious so as to attract the provisions of the Usurious Loans Act 10 of 1918.

( 2 ) THE 1st defendant is the appellant. The appeal is filed against the judgment and decree in O. S. No. 25/76 on the file of Subordinate Judge s Court, Kavali granting a decree for a sum of Rs. 16,020. 60 ps. at 6% p. a. from the date of decree. The appellant raised two contentions before the single Judge who referred the case to a Division Bench. The first contention is a sum of Rs. 10,000/- lying in fixed deposit in the plaintiff-bank should also have been adjusted towards the debt due and in any case the bank is bound to pay interest even for the period subsequent to the date of maturity of the deposit The contention was negatived by the learned Judge holding that in the absence of any specific agreement or instructions any fixed deposit amount cannot be ad

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