S VINAYAGAM Vs. RANI AMMAL

JUDGEMENT

(1.) The Second Appeal has been preferred by the appellant/defendant only in respect of the rate of interest awarded by the first appellate Court, after remand made by this Court in Second Appeal No.1394 of 1997, by judgment, dated 11.2.2002.

(2.) The respondents herein are the legal heirs of the deceased plaintiff, who filed the suit for redemption of mortgage deed executed by him in favour of the appellant/defendant, for a sum of Rs.5,000/- on 12.6.1975, agreeing to repay the same with interest at the rate of 24% per annum. The deceased plaintiff has worked out his remedy before various forums under the Debt Relief Acts and his applications were dismissed and therefore, he came forward with the suit for redemption of the property mortgaged under the mortgage deed.

(3.) The appellant herein as defendant, resisted the suit, stating that the deceased plaintiff borrowed a sum of Rs.5,000/- and executed the mortgage deed, but he has not discharged the same. Hence the appellant/defendant issued notice dated 3.5.1977 to the deceased plaintiff, demanding the entire amount with interest up to that date and prayed for dismissal of the suit.