S.SEKAR Vs. P.C.CHOUDHARY & SONS

JUDGEMENT

(1.) A borrower who filed O.P.No.2 of 2022 under Ss. 3, 5, 8 and 12 of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 is the revision petitioner. Aggrieved by dismissal of the said original petition, he has preferred the present revision petition.

(2.) I have heard Mr.S.Kamadevan, learned counsel for the revision petitioner and Mr.M.Kempraj, learned counsel for the respondent. I have also gone through the records and the decisions on which reliance has been placed on by the learned counsel on either side.

(3.) The learned counsel for the petitioner, Mr.S.Kamadevan would state that for recovering a mortgage loan of Rs.75.00 lakhs and the respondent being a money lender, there is a clear bar for the respondent from charging exorbitant interest and in terms of the provisions of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003 and The Tamilnadu Money Lenders Act,1957 the interest would have to be calculated only at 9% per annum.