INDIAN BANK Vs. NIRANJAN POLYMERS PVT LTD

JUDGEMENT

(1.) DISSATISFIED with the awarding of pendente lite and future interest at the simple rates of 22. 75% and 21. 75% per annum instead of quarterly rests, the Applicant Bank has preferred this Appeal.

(2.) HEARD Mr. Dhruva, the learned Advocate on behalf of the appellant. ' the Defendants no doubt have availed of the loan facilities sanctioned in their favour under the pronote dated 15. 11. 90 and the other documents. The rate of interest agreed upon at the time of advancement of loan was 16% per annum. In para 13 of the Plaint it was alleged :

(3.) THE Defendants remained absent and as such the matter proceeded ex-parte. The learned Presiding Officer decreed the claim of rs. 11,31,619. 77 in toto. Not only it, the Defendants are directed to pay the pendente lite and future interest at the rates of 22. 75 and 21. 75 percent per annum respectively as prayed for in the prayer clause. What is disallowed is the interest with quarterly rests. Dissatisfied with this order the Bank has come in appeal.