Wadsworth, J.

1. The contention raised in this petition under Madras Act IV of 1938 is one which, so far as I am aware, is not covered by authority, but it seems to me to be clearly untenable. The petitioner was employed by the India Equitable Insurance Company, Limited, and he borrowed from his employers in 1927 a sum of Rs. 250 on a promissory note carrying interest at 12 per cent. per annum. In 1930 that debt was renewed by the execution of a fresh promissory note for Rs. 340 with interest at the same rate. In 1933 there was a further renewal by the execution of a note for Rs. 450 carrying interest at only 9 per cent. On this note the company sued and got a decree on 23rd October, 1936. The debtor applied to scale down this decree under Section 19 of the Act and has been met "by the objection that under Section 10 (2) (in) of the Act, nothing in Sections 8 and 9 applies to a liability in respect of a sum due to a public company when the interest payable in respect of the liability is not more than 9 per cent. The argument advanced before me is that because the debt which has been decreed is itself a renewal of earlier debts carrying interest at 12 per cent., the explanati