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Bombay High Court Allows Writ Petition Challenging Imposition of Maximum Interest Rate on Delayed Royalty Payment Under Mineral Concession Rules, 1960. Court Holds That Rule 64-A Prescribes Maximum Rate, Not Mandatory Rate, and Respondents Have Discretion to Impose Lower Interest.

The petitioner, Associated Cement Companies Limited, filed a writ petition challenging a communication dated 16/18.4.1996 from the respondents demandi...

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High Court of Karnataka Upholds 12% Interest Rate on Fixed Deposit After Maturity in Co-operative Society Dispute. Court holds that in absence of contractual rate, interest under Section 34 CPC is applicable, rejecting both 6% and 17% claims.

The case involves two appeals arising from a common order of a learned single Judge of the Karnataka High Court regarding the rate of interest payable...

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High Court of Bombay at Goa Partly Allows Insurance Company's Appeal in Workmen's Compensation Case — Interest Rate Reduced from 12% to 9% p.a. The Court held that the Commissioner erred in awarding interest at 12% p.a. under Section 4A of the Workmen's Compensation Act, 1923, and reduced it to 9% p.a.

The appeal was filed by the National Insurance Co. Ltd. challenging the judgment and order dated 13/05/2010 passed by the Commissioner for Workmen's C...

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High Court of Bombay at Goa Reduces Interest Rate from 12% to 9% in Contractor's Recovery Suit Against State. The court held that interest under Section 34 CPC must be reasonable and not excessive, reducing the rate to 9% per annum.

The dispute arose out of a contract awarded by the State of Goa to P.B. Ibrahim, a Class I PWD Contractor, for improvement of riding quality of NH-4A ...

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Karnataka High Court Allows Appeal in Recovery Suit, Reduces Interest Rate from 23% to 6% p.a. for Money Lending Transactions. Court Held That Charging 23% Interest Was Unconscionable and Excessive Under Section 34 CPC, and Reduced It to 6% p.a. Simple Interest.

The plaintiff, G.R. Shet, proprietor of M/s Shet & Co., filed a suit for recovery of money against M/s Bawa Enterprises (a partnership firm) and its p...

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High Court of Karnataka Allows Appeal in Credit Card Recovery Suit — Reduces Usurious Interest Rate of 2.5% per Month Compounded Monthly to 6% per Annum Simple. Contractual interest held unconscionable and against public policy under Section 34 CPC.

The appellant, B. Gopa Kumar, was a credit card holder of Canara Bank (respondent) and was issued a Cancard-Visa card in 1998. He defaulted on payment...