CANARA BANK Vs. POOJARI LAKSHMAIAH

JUDGEMENT

(1.) The petitioner, who is the plaintiff, is aggrieved against the judgment in S.C. No. 159 of 1994 dated 12-3-1996 on the file of the Subordinate Judge, Eluru to the extent of grant of interest.

(2.) The petitioner, which is a Bank, filed the suit for recovery of Rs. 9,313-20 on the foot of a promissory note which contemplated interest at 12 1/2%. The court below, however, though on contest, granted interest at 10%.

(3.) The question as to the Bank's entitlement to interest at the contractual rate is no longer res integra and it is well settled that the Bank is entitled to the contractual rate of interest.