CHANDRA MOHAN PRASAD Vs. CANERA BANK

JUDGEMENT

(1.) THIS appeal has arisen out of the judgment dated 24.7.1995 and decree signed and sealed on 5.8.1995 passed in Money Suit No. 13/89, whereby and whereunder the learned Sub -Judge III, Jamshedpur decreed the suit on contest against the defendant, who is appellant here.

(2.) THE only point taken in this appeal by the learned counsel for the appellant is that rate of interest has been charged at a very heavy rate and the learned Court below has been pleased to allow interest at that very rate, which is a contractual rate but has also simultaneously awarded the same rate of interest pendente lite and future. The learned counsel further submitted that though an agreement in between the plaintiffs -respondents and appellant -defendant arrived at and some loan amount was sanctioned to the appellant and some amount was even paid to the appellant and at the time of agreement, rate of interest was also agreed upon @ 12 -1/2%. The appellant filed written statement but did not produce any evidence and after filing of the written statement stopped taking interest in the case. He has disputed the claim of the plaintiff -respondent No. 1 and has stated that his signature was obtained on a blank paper, so far as rate of interest is concerned and he has agreed to pay the dues but has stated that he would pay rate of interest @ 6% per annum.

(3.) THE learned counsel submits that the appellant agrees that amount of loan was paid to the Bank but submitted that rate of interest is very high and that amount should be reduced. In this connection Section 34 of the Code of Civil Procedure is very clear, which is quoted hereinbelow : '' "34. Interest. ''