PUNJAB NATIONAL BANK Vs. MOHANLAL TEKCHAND & ORS

JUDGEMENT

(1.) This appeal is directed against the impugned judgment and decree dated 28.8.1986 in Civil Suit No. 9-B/1984 whereby though decree for the balance amount of loan was granted, but interest from the said amount was awarded of 9% p.a., which was lower than the rate stipulated between the parties.

(2.) The allegations of the plaintiff were that the defendant had obtained a loan from the plaintiff/appellant-Bank and defaulted in payment thereof. The rate of interest was as stipulated between the parties and mentioned in demand promissory note (Ex. P/4). The defendants resisted the suit on various grounds including the rate of interest as claimed by the plaintiff.

(3.) After trial, the learned trial Court held that the defendants are liable to pay a sum of Rs. 36,630.60 P. till the date of suit and therefore, decreed the claim with interest thereon @ 9% from the date of suit.