Bombay High Court Allows Appeal in Part, Restores Suit Against Guarantors and Awards Contractual Interest in Bank Recovery Suit. Guarantor liability is co-extensive with principal debtor; contractual interest must be awarded as agreed until date of suit and thereafter at court's discretion but not less than contractual rate under Order 34 Rule 11 and Section 34 CPC.
14 Jul 2010The appellant, Bank of Baroda, filed a suit for recovery of Rs. 7,85,655.50 against defendants, including the principal borrower firm (defendants 1-3)...
