AVTAR SINGH Vs. INDIAN BANK

JUDGEMENT

(1.) This revision petition is directed against the order of the executing Court dismissing its objections under section 47 of the Code of Civil Procedure.

(2.) The Decree-holder, Indian Bank, advanced a loan to the petitioner. The same was not repaid on the due date necessitating the filing of the suit for recovery, of the same. The trial Judge decreed the suit and awarded future interest at the rate of 18 per cent per annum. The judgment-debtor filed objection to the decree principally on the ground that the Court could grant future interest only at the rate of 6 per cent and not above. The trial Judge found that the transaction was of commercial nature and the agreed rate of interest between the parties was 18 percent per annum. Relying on the provisions of section 34 of the Code of Civil Procedure which enabled the Court decreeing the suit to award future interest at the contractual rate of interest, allowed future interest at the rate of 18 percent per annum.

(3.) The learned counsel for the petitioner submitted that the future interest cannot be awarded at more than 6 percent per annum. The contention is devoid of any merit. The matter is no more resintegra. In Mata Din v. Jeek Ram and others, 1992 2 RRR 88 this Court held thus:-