STATE BANK OF INDIA Vs. P K SETHI

JUDGEMENT

(1.) This is a suit for recovery of Rs. 1,73,508.87 by the plaintifffrom the defendants.

(2.) Counsel for the plaintiff, under instructions from the plainriff-Bank, statesthat during the pendency of the suit the defendants have paid the aforesaid amountof Rs. 1,73,508.87 claimed in the suit to the plaintiff-Bank and only the questionregarding pendente lite interest is to be considered now in this suit. According toher, the plaintiff-Bank may be awarded interest as prayed for in the suit, viz., 12.5%p.a. with quarterly rest from the date of institution of suit till the aforesaid amountof Rs. 1,73,508.87 was paid to the plaintiff-Bank.

(3.) Learned Counsel for the defendants, however, submits that since thedefendants have paid the suit amount claimed by the plaintiff voluntarily duringthe pendency of the suit itself, therefore, the Court may take a lenient view whileawarding pendente lite interest. He submits that the Court may grant rate ofpendente lite simple interest at the rate of 6% p.a.