ASHOK KUMAR SINGH Vs. CANARA BANK

JUDGEMENT

(1.) THE appeal has asisen out of the judgment dated 7.8.1995 and decree signed and sealed on 26.8.1995 passed in Money Suit No. 15/89. whereby and whereunder the learned Sub -Judge III. Jamshedpur decreed the suit on contest against the defendants, who are appellants here.

(2.) THE only point taken in this appeal by the learned counsel for the appellants 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 Ute and future. The learned counsel further submitted that though an agreement In between the plaintiff -respondent and appellants -defendants arrived at and some loan amount was sanctioned to the appellants and some amount was even paid to the appellants and at the time of agreement, rate of interest was also agreed upon @ 12 -1/2%. The appellants filed written statement but did not produce any evidence and after filing of the written statement stopped taking interest in the case. Appellants have disputed the claim of the plaintiff -respondent and have stated that their signatures were obtained on a blank paper, so far as rate of interest is concerned and they have agreed to pay the dues but have stated that they would pay rate of interest @ 6% per annum.

(3.) THE learned counsel submits that the appellants agree 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 Sec.34 of the Code of Civil Procedure is very clear, which is quoted hereinbelow,