JAGDISH CHANDER Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This judgment disposes of Civil Revision No. 1386 of 1991, Civil Revision No.4098 of 1991, Civil Revision No. 3871 of 1991 and Civil Revision No. 3548 of 1991. Civil Revision No. 1386 of 1991 came up for motion hearing before V. K. Jhanji, J. on 22-11-1991 and the learned Judge admitted the petition to Division Bench observing thus: -

(2.) The precise question which arises for determination is whether an agricultural loan can be considered as commercial loan taken in connection with some industry, trade or business and the Court can award . future interest on the contractual rate of interest and if the contractual rate of interest is not established, at the rate at which moneys are lent or advanced by nationalised banks in relation to commercial transactions. Future interest is allowable under S. 34 of the Code of Civil Procedure. The same reads thus:-

(3.) The Division Bench of this Court while deciding R.S.A. No. 2665 on 4-6-1993 held thus:- For the reasons stated above, we hold that the plaintiff-Bank will be entitled to recover interest pendente lite and future interest to be determined as under :-