SURESH Vs. MUTHOOT FINANCE LTD.

JUDGEMENT

(1.) Is Section 24 or Section 50 of the Kerala Court Fees and Suits Valuation Act, 1959 (in short 'the 1959 Act') applicable for payment of court fee in a suit for redeeming the goods pledged by a pawnor In such a suit, if the plaintiff seeks a relief of permanent prohibitory injunction against the pawnee from selling the pledged goods, should the suit be valued under the proviso to Section 27(c) of the 1959 Act These questions arise in this petition.

(2.) Petitioner is the plaintiff in a suit for following reliefs:

(3.) Relevant facts in short are that the plaintiff (petitioner) borrowed a sum of Rs. 38,87,600/- from the defendant (respondent), an incorporated Company, mainly engaged in the business of gold loans. The borrowal was on 15.10.2010. Petitioner pledged gold ornaments to secure the loan. According to him, the agreed rate of interest payable was 12%. Admittedly, there was a default on the part of the petitioner in repaying the money borrowed. It is his case that when approached, the respondent demanded 30% interest for the amount. Hence, he filed the suit for the reliefs.