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2010 Supreme(Mad) 725

M.JEYAPAUL
Indiabulls Financial Services Limited, Connaught Place, New Delhi & Another – Appellant
Versus
Jubilee Plots and Housing Private Limited, rep by its Managing Director, R. P. Darrmalingam Chennai & Others – Respondent


Advocates Appeared:
For the Petitioners:N. Jothi, R. Venkatavaradan, Advocates.
For the Respondents:A. Natarjan, Senior Counsel for Miss.A. Madhumathi, Advocate.

Judgment :-

The respondents, who admittedly borrowed loan from the petitioners herein, laid three Original Petitions before the IX Assistant Judge, City Civil Court, Chennai invoking the provision under sections 5(1) and 8 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 praying for declaration that the respondents herein are not liable to pay the exorbitant interest at the rate of 33% per annum towards the loan amount, for a direction to the petitioners herein to charge interest at the rate of 9% for the secured loan, for passing an order of adjustment of the interest paid by the respondents to the petitioners herein over and above the rate of 9% per annum and also to direct the petitioners herein to return the security documents given to them by the respondents. They have also sought for an injunction restraining the petitioners herein from filing criminal complaints for the recovery of the said loan transaction.

.2. The Trial Court, having entertained the original petition filed by the respondents herein under section 5(1) and 8 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003, granted interim relief to the respondents herein. At th









































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