RAM NARAIN Vs. MAHMOOD HASAN

JUDGEMENT

(1.) This is an application in revision arising out of proceedings under the Agriculturists Belief Act. The applicant obtained a decree on the basis of a mortgage, dated 16 September 1924. The principal amount secured by the mortgage was Rs. 200 and the stipulated interest was Rs. 1-12-0 per cent per mensem, compound with six-monthly rests. The Court which passed the decree held that the rate of interest was excessive and reduced it under the Usurious Loan, Act to Rs. 1-12-0 per cent per mensem, simple. By the time that the decree- holder came to execute the decree the Agriculturists Belief Act had become law. The judgment, debtor applied for relief under that Act. The Court below reduced the interest under Section 30 of the Act from Rs. 1-12-0 per cent per mensem to Be. 1 per cent per mensem up to 1 January, 1930, and to Rs. 9-8-0 per cent per annum after 1 January 1930. The Court also directed that the amount due should be paid in instalments.

(2.) The applicant does not object to the reduction of interest after 1 January 1930, nor does he object to the direction that the payment shall be by instalments. He does however say that the Court below had no jurisdiction whatsoever to reduce the interest as set forth in the decree up to 1 January 1930.

(3.) The learned Judge seems to have acted under the provisions of the Usurious Loans Act, but that Act itself clearly says that in exercise of the powers given by Section 3 of the Act no Court shall do anything which affects any decree of a Court. The Court could modify the decree only under the provisions of Section 30 and Section 5, Agriculturists Belief Act. Section 5 allows for the introduction of instalments and Section 30 gives only the power to change the rate of interest after 1 January 1930. The Court had obviously no jurisdiction to interfere with the rate of interest before 1 January, 1930, either under the Agriculturists Belief Act or under the Usurious Loans Act.