SHEOBANS RAI Vs. SHAH MADHO LAL

JUDGEMENT

(1.) This is a plaintiff's appeal arising out of a suit brought by him for recovery of Rs. 10,616 on foot of a promissory note, dated 8 March 1925, executed by the defendant-respondent in lieu of Rs. 7,000 advanced in cash by the plaintiff. The interest stipulated in the promissory note was at the rate of 30 per cent per annum.

(2.) The only defence which it is necessary to take notice of for the purpose of the appeal has reference to the high rate of interest. The defendant pleaded that the rate of interest agreed on was excessive and that it was a fit case in which the Court should reduce it to a reasonable rate. The lower Court has decreed the suit, except so far that the interest has been reduced from 30 per cant to 24 per cent.

(3.) The plaintiff has appealed claiming the interest at the contractual rate; while the defendant has preferred cross-objection praying for further reduction in the rate of interest. We have heard the learned Counsel on both sides, and are clearly of opinion that no interference is called for.