SYNDICATE BANK Vs. I GURAVAREDDY

JUDGEMENT

(1.) The instant Civil Revision Petition is filed by the plaintiff/decree holder 45 against the Order dated 6-8-1993 dismissing the petition filed under Order XXXIV Rule 5 of the Code of Civil Procedure. The petitioner herein having obtained the preliminary decree in O.S.No. 33/89 filed I.A. No. 1104/91 praying to pass final decree in terms of the preliminary decree and to direct to bring the petition schedule properties to sale for realisation of the decretal amount in the suit, in pursuance of the preliminary decree dated 16-1-1991.

(2.) The petitioner herein filed O.S. No. 33/89 basing on a simple mortgage and the trial Court passed preliminary decree on 16-1-1991 by granting six months time to the respondents/defendants for redemption of mortgage property under the said decree. The respondents/defendants failed to pay any amount whatsoever to satisfy the decree. The petitioner left with no other alternative and in order to realise the decretal amount filed the application to pass final decree and to bring the mortgage property for sale and for realisation of the decretal amount.

(3.) The second respondent alone filed a counter and respondent Nos. 4 to 7 filed a Memo adopting the counter of the second respondent. Respondent Nos. 1 and 3 remained ex parte. In the counter-affidavit the respondents took a plea that the principal amount borrowed was Rs. 16,400.00 and the suit is filed for recovery of Rs. 21, 712.20 including interest. It is their case that the interest is more than the principal amount and as such the interest over and above and beyond the principal amount is not payable and the Court cannot pass such a decree for recovery of the amount, where the interest is higher than the principal amount. The interest claimed, according to them, is usurious and excessive and the decretal amount is required to be reduced and in such a manner that the interest does not exceed the principal amount borrowed by them.