MATHEW DEVARIA Vs. GRAND EASTERN BANK LTD

JUDGEMENT

(1.) It is contended for the petitioner that interest is payable only at 5% per annum from the inception of the debt, but it seems to me clear from S.4 (2) of Act 31/58 that interest is payable at the contract rate up to the commencement of the Act and only thereafter at 5% per annum on the principal debt then outstanding. Call on 13/11/58 for filing joint statement.