VINOD INDUSTRIES Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This is defendant-appellant's appeal against the judgment and decree passed by the Second Additional Judge to the Court of District Judge, Khandwa in Civil Suit No. 3-3/89 dated 16.1.1990 granting a decree for Rs. 42,466.30 towards the principal and interest. In this appeal, the learned counsel for the appellant has challenged the award of interest at the rate of 18% simple interest with daily, monthly and quarterly rests as per agreement.

(2.) A perusal of Ex. P.6 clause 10 of the deed of hypothecation reads as under :-

(3.) The learned Additional District Judge accepted the contention of the plaintiff and awarded the said rate. The said rate of interest is challenged before this Court.