PUNJAB NATIONAL BANK Vs. ROHIT CHEMICALS AND ORS.

JUDGEMENT

(1.) THIS judgment shall dispose of the present appeal and also the Cross Objections arising out of the same judgment and decree.

(2.) CHALLENGE herein is to the judgment and decree dated 21.1.2008, passed by learned Additional District Judge (Presiding Officer, Fast Track Court), Solan camp at Nalagarh, in Case No. 3FTN/1 of 6/2002, whereby the suit for recovery of Rs. 6,15,328/ - filed by the appellant, hereinafter referred to as the plaintiff, as well as the counter claims qua recovery of Rs. 70,575/ -, preferred by respondents No. 1 to 3, hereinafter referred to as the defendants, have been dismissed.

(3.) THE only dispute, as disclosed from the pleadings of the parties, is qua the rate of interest, because according to the plaintiff -bank, the interest as agreed upon was payable on daily balance calculable on quarterly basis, subject to change from time to time without any notice to the loanee as per the instructions issued by the Reserve Bank of India from time to time, whereas as per the defence of the defendants, the interest was never agreed to be paid on quarterly basis nor at any such rates, notified by the Reserve Bank of India and rather at the rate of 14% per annum. It is under such claim and counter claims, the parties had undergone the trial.