Bombay High Court Allows Recovery of Principal with Reduced Interest in Bill Discounting Dispute — Interest Rate of 18% p.a. Granted from Due Date Instead of Claimed 30% p.a. The court held that the plaintiff is entitled to interest at 18% p.a. on the defaulted principal from the due date until suit, and thereafter at 6% p.a. pendente lite and future interest under Section 34 CPC.
20 Mar 2015The plaintiff, Mahindra & Mahindra Limited, filed a summary suit against NEPC Micon Limited for recovery of Rs. 1.06 crores, comprising a principal su...
