BALANARAYANA MARAR
Divl. Manager, LIC of India – Appellant
Versus
Bhagavathy Amma – Respondent
A substantial question has been raised in this appeal. That relates to the right of mortgagee to claim interest provided in the mortgage deed from the date of the suit till the period fixed for redemption. The Life Insurance Corporation advanced a sum of Rs. 30,000/- to the respondents for the purpose of construction of a residential-cum-office building in the plaint schedule property which was mortgaged to the corporation. Respondents having committed default to repay the amount the corporation filed the suit O.S.547/83 before Sub Court, Trivandrum. The suit was for realisation of the amount together with interest at 161/2% per annum. On the total amount due as on the date of plaint further interest at the same rate was also claimed. Respondents admitted the transaction and their liability to pay the amount but contended that the interest is payable only at the rate of 6% from date of suit. A decree was therefore given in favour of the plaintiff for the amount claimed in the plaint. But interest from date of plaint was awarded only at the rate of 6% per annum. Aggrieved by the decree for interest at 6% per annum plaintiff has come up in appeal.
2. While passing a prelim
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