KERING RUPCHAND AND CO Vs. ASBBAYLEY

JUDGEMENT

(1.) In this suit, the plaintiff", a Poona money lender, seeks to recover on a bond executed by the defendant on the 7th of September 1918. The consideration of the bond is a cash advance of Rs. 5000 and the obligor agrees to repay Rs. 8400, i. e., Rs. 5000 principal and Rs. 3400 interest. The interest is assessed at 2 per cent. per mensem, i. e., Rs. 100 a month for Rs. 5,000; and it is calculated in advance for thirty-four months. The total amount of Rs. 8400 is then repayable in thirty-three installments of Rs. 250 and one 34th installment of Rs. 150. Thus the principal is repaid in thirty-three installments of Rs. 150 and one installment of Rs. 50 and the interest is repaid in thirty-four installments of Rs. 100.

(2.) The first three installments have been recovered by a suit in the Court of Small Causes. The present suit is for six installments from January to June 1919.

(3.) The defendant does not appear but, though the suit is ex parte, the Court has, under Section 3 (1) of the Usurious Loans Act, 1918, jurisdiction to consider the merits of the transactions.