BAIJNATH PANDAN Vs. ESTATE OF ECDENNET

JUDGEMENT

(1.) This is a creditors appeal arising out of an application in an insolvency case to be entered as a scheduled-creditor in respect of an amount due on a promissory note, dated the 19 of July, 1922, executed by the insolvent along with two other persons for a sum of Rs. 800. The promissory note bore an interest at the rate of one anna per rupee per mensem, which works out at 75 per cent, per annum.

(2.) The learned District Judge came to the conclusion that the rate of interest was excessive and that the transaction was unfair as between the parties thereto. He accordingly reduced the rate of interest to 12 per cent per annum simple interest which he considered to be adequate having regard to all the circumstances of this case.

(3.) The creditor has appealed.