ASHOK BHAN
Dal Singh – Appellant
Versus
Punjab National Bank – Respondent
Ashok Bhan, J.
1. Judgment-debtor-petitioner (hereinafter referred to as the judgment-debtor) along with four other judgment-debtors took a loan of Rs. 64,000/- from the respondent-Punjab National Bank, Sunam, decree holder (hereinafter referred to as the decree-holder) on 13.4.1981 for the purchase of a tractor. The loan was to be repaid in seven years in 14 half yearly instalments starting from December, 1981. Judgment-debtor paid certain amount by way of instalments but thereafter defaulted in the payment of the instalments.
2. Decree-holder-Bank filed a suit on 17.7.1986 for the recovery of Rs. 98,107.00, which was decreed by the Sub Judge, 1st Class, Sunam on 8.8.1988. Judgment-debtor was directed to make the payment of the amount due along with future interest at the rate of 14 1/2% per annum as had been agreed between the parties.
3. Decree holder-Bank filed an execution application in which objections were filed by the judgment-debtor. One of the objections taken was that the decree holder-Bank has been granted future interest at the rate of 14 1/2% per annum till realisation which was excessive and should not have been more than 6%. This objection was rejected by t
Login now and unlock free premium legal research
Login to SupremeToday AI and access free legal analysis, AI highlights, and smart tools.
Login
now!
India’s Legal research and Law Firm App, Download now!
Copyright © 2023 Vikas Info Solution Pvt Ltd. All Rights Reserved.