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...21-A interdicts the reopening by courts of a debt between a banking company and its debtor, on the ground that the rate of interest charged by the banking company, in respect of a loan tr..., provided that the total amount of interest on a loan taken by a farmer could not be higher than the original capital. The Committee, therefore, reiterate their earlier recommendation that Section 21-...undoubtedly an integral part of the aforesaid Act relating to the interdict on the reopening of loan transactions between a banking company and its debtor, on the ground that the rate of interest...
...mensem. In my view, this arrangement in substance amounts to a 'loan' within the meaning of section 2, sub-section (2), usurious loans act.The mortgagees were allowed to tack the amount of the arrears of re...on a loan advanced to the mortgagors within the meaning of section 2, sub-section (2), usurious loans act, 1918...assumption that the amount thus paid was a fresh loan carrying interest charged on the property which the mortgagees...
...Counsel for the appellants contended that the interest claimed by his clients is really not interest on a loan advanced to the mortgagors -within the meaning of ...principal amount the amount of rent paid by them with interest at the rate of Rs.2-5-6 per cent per mensem. In my view, this arrangement in substance amounts to a loan within the meaning of section 2, sub-section (2), ...amount thus paid was a fresh loan carrying interest charged on the property which the mortgagees had right to tack to the principal amount at the time of redemption.
8. In support of...
...nature. Those two Acts address the grievance of the gullible public who borrow small loan on usurious interest slapped on them and not for the mammoth loan transactions of this magnitude based ...‘money lender’. Instead, a prohibition of charging exorbitant interest has been imposed on a person who lent loan. The said person as defined under.... In other words, a debtor cannot lawfully charge a person viz., a money lender with the act of exorbitant interest when the money lender advanced the loan on the basis of a negotiabl...
...in the instant case is the flat rate of 10% per annum which stood paid on the date of disbursal of the loan amount and the usurious and extortionate penal interest does not give rise to a financial...2017, 07 & 10 of 2018 17. Reliance has also been placed on Section 2 of the Usurious Loans Act, 1918 which defines interest means rate of interest and includes the...the ground that the petition under Section 7 of the I&B Code is not maintainable with regard to usurious penal interest in view of Section 3 of the Usurious Loans Act, 1918...
...Usurious Loans Act a person must establish (i) that the interest payable on the loan is excessive, and. (ii) that the tran...Usurious Loans Act. At more than and place the learned Judge has mentioned that the a only matter for investigation for giving relief to the debtor w...1. This is an appeal by the defendants. It arises out of a suit for redemption which has been decreed on certain terms. The defendants as well as the plaintiffs are aggrieved by the...
...am not inclined to grant the extremely high rate of interest at 25% per annum simple as claimed by the plaintiff. In Delhi, interest on a loan transaction is governed by ...the defendant no. 1 alongwith interest.13. I have already referred to the stand of the defendant no. 1 in the leave to defend application and which is in fact a pure moonshine because on...place reliance on the following three judgments to argue that permission under Section 22 is a sine qua non.(i) Managing Director...
...the bank are excessive and the loan transactions are required by the defendant to be reopened for that reason. However, the powers of courts to reopen a loan transactin are not confined only to the single ground of excessiv...the interest is excessive. It would be noted that even the above amendments do not make the power of reopening turn upon excessive rate of interest. The power of reopening a loan transaction can be exercised under ...by a creditor for the enforcement of his loan transaction should fail on the ground that the interest charged is usurious or excessive. It appears to me that supplying public force by the courts for...
...trnasactions are required by the defendants to be reopened for that reason. However, the powers of courts to reopen a loan are not confined oly to a single ground of excessive interest. There are other grounds whic...make the power of reopening turn upon excessive rate of interest. The power of reopening a loan transaction can be exec\rcised under the amended ...fill of the district Munsif, Eluru for recovery of a sum of Rs. 8,260.20. That amount was made up of the principal and compounded interest due on the loan mius the part payments made bythe defendant...
...in the instant case is the flat rate of 10% per annum which stood paid on the date of disbursal of the loan amount and the usurious and extortionate penal interest does not give rise to a financial...2017, 07 & 10 of 2018 17. Reliance has also been placed on Section 2 of the Usurious Loans Act, 1918 which defines interest means rate of interest and includes the...the ground that the petition under Section 7 of the I&B Code is not maintainable with regard to usurious penal interest in view of Section 3 of the Usurious Loans Act, 1918...
...in the instant case is the flat rate of 10% per annum which stood paid on the date of disbursal of the loan amount and the usurious and extortionate penal interest does not give rise to a financial...2017, 07 & 10 of 2018 17. Reliance has also been placed on Section 2 of the Usurious Loans Act, 1918 which defines interest means rate of interest and includes the...the ground that the petition under Section 7 of the I&B Code is not maintainable with regard to usurious penal interest in view of Section 3 of the Usurious Loans Act, 1918...
...‘loan’ within the meaning of Section 2, sub-section (2) of the Usurious Loans Act.13. The mortgagees were allowed to tack the amount...assumption that the amount thus paid was a fresh loan carrying interest charged on the...hearing on 18-1-1955 before a Division Bench of this Court before which only the rate of interest allowance to the appellants was pressed. According to learned Counsel for the appellants, the...
...view that the alleged interest @ 20% per annum on the Loan Amount payable on a quarterly basis is ex-facie illegal as contested and barred by the provisions of the Usurious Loans Act, 1918. As per..., the Corporate Debtor agreed to refund the Loan Amount within a period of forty-two (42) months from the date of disbursement of the Loan Amount along with interest calculated @ 20% per annum on the...Loan Amount payable on a' quarterly basis. It is further highlighted that as per Clause 5.3, the interest was to be paid by Corporate Debtor to Applicant/Financial Creditor on a quarterly basis...
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.... 47 of 1983 on the file of Subordinate Judge, Eluru, for the recovery of a sum of Rs 18,076.45 alleged to be due towards principal and the balance of accrued interest under an agricultural loan...the substantive claims of agriculturists are based on the Rajaji Act under which charging of compound interest has been made into a forbidden act for the banks. Under the Rajaji Act no compound...that the rate of interest charged by the banking companies to an agriculturist cannot be reopened because of Section 21-A of the Banking Regulation Act. The Division Bench held that the Usurious Loans...
...loan on usurious interest and he is espousing the cause purely in public interest. 4. The petitioner would further aver that very recently on 23.10.2017, a family consis.... 11. A perusal of the said Act, it contains the exhaustive procedure as to the redressal of the grievance faced by the persons, who availed loan on usurious or exorbitant interest. ...Government Pleader appears for the respondents. 3. The Writ Petition is filed as a Public Interest Litigation by the petitioner claiming among other things that he is fighting for...
.... In other words, in proceedings under the Encumbered Estates Act it is competent to a court to reduce the rate of interest even though the loan was incurred prior to the passing of the Usurious Loans...-nissa, the applicant, had borrowed a sum of Rs. 7,500 from the said firm on the basis of a mortgage deed dated the 21st of May, 1913. The interest stipulated in the deed was at the rate of 11 annas...provisions of the Usurious Loans Act. He has firstly relied on section 2(3)(i)(a) which provides that suits to which...
...Defendant Bank to pay or service another loan. Further, such a procedure tantamount to being usurious as then the Claimants were made to pay interest on both the accounts, otherwise the interest w....
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3.2. Based on the request of the 1stDefendant, the Head Office of the Applicant Bank sanctioned a loan of Rs.11,00,00,000...that a debit entry of Rs.10,00,00,000/- on 31.03.2015, whereas the Applicant Bank alleges that the loan documents were executed on 25.04.2015. This clearly shows the malafide act of the Applicant Bank...
...interest on such loan amount could ever be construed as usurious or in violation of Usurious Loan Act or the Money Lender's Act.14. In such a case, the learned counsel for...consideration of the arguments as put forth on either side, would display and demonstrate that the plaintiff filed the Suit for redemption and permanent injunction on the ground that he borrowed a loan of...against the well settled proposition of law and it should not be to that much extent and as such awarding of interest is usurious or in violation of the Usurious Loan Act and the...