JUDGMENT - B.N. DESHMUKH, J.:---This first appeal raises a point of interest and importance.

2. A suit was filed for the recovery of loan advanced to the defendents 1 and 2 for which the defendants 2 and 3 are the guarantors.

3. The suit of the plaintiff-bank is decreed with costs. The defendants therein are directed to pay the amount due in instalments with future interest at the rate of 6 per cent p.a. from the date of the suit.

4. Even though the suit is decreed, the plaintiff-bank aggrieved by the rate of interest as awarded at the rate of 6 per cent p.a. has filed this first appeal challenging the decree. Shree B.M. Agrawal, learned Counsel for the plaintiff-bank has contended that the rate of interest granted by the learned trial Judge is contrary to the provisions of section 34 of C.P.C. as the loan adavanced was for the commercial purpose and as such the rate of interest should have been to the extent of 15 per cent p.a. as demanded by the bank. On the contrary Shri Joydeep Chatterji learned Counsel for the respondents contended that the loan was granted for the professional purpose i.e. for the purpose of construction of hospital and for purchasing machinery and equipment fo

Click Here to Read the rest of this document