Search Results for "usurious loans"

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Supreme Court Partly Allows Appeal and Modifies Decree in Mortgage Suit Under Mysore Money Lenders Act, 1939. Interpretation of 'Principal of Original Loan' Under Section 17 Leads to Re-computation of Arrears of Interest and Future Interest Directions.

The dispute arose from a civil suit for recovery on two simple mortgages dated 12 January 1937 and 14 June 1937, filed by the predecessor-in-interest ...

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Supreme Court Upholds Puisne Mortgagee's Right to Sue Separately When First Mortgagee Paid Off Before Sale. Court Reduces Interest from Contractual 12% to 6% Simple Under Order 34 Rule 11 CPC, Emphasizing Discretion to Grant Reasonable Rate.

The dispute concerned a mortgagor's liability to a puisne mortgagee after the prior mortgage was satisfied without sale. The mortgagor had executed th...

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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...

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Bombay High Court Disposes of Four Petitions Under Section 9 of Arbitration Act by Common Order. Interim Measures Sought by Financing Company Against Borrower and Guarantor for Default in Loan Repayments Secured by Hypothecated Equipment.

L&T Finance Limited, a company registered under the Companies Act, 1956, filed four petitions under Section 9 of the Arbitration and Conciliation Act,...

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Supreme Court Partially Allows Appeal in Mortgage Accounting Suit; Usurious Loans Act Not Applicable as Mortgage Executed Before Its Extension to Cantonment Area.

The dispute arose from a usufructuary mortgage executed on 14 July 1933 by four mortgagors in favour of one Khanmull over a property in the Cantonment...

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Supreme Court Holds Deposit Under Debtor-Creditor Law Not Valid Rent Tender, Allowing Landlord's Eviction Petition. Deposit Under East Punjab Relief of Indebtedness Act, 1934 Section 31 Does Not Constitute Tender Under East Punjab Urban Rent Restriction Act, 1949 Section 13(2)(i).

The appellant landlord, Shri Vidya Prachar Trust, filed an eviction petition under Section 13 of the East Punjab Urban Rent Restriction Act, 1949, aga...

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Bombay High Court Allows Appeal in Negotiable Instruments Act Case — Acquittal Set Aside Due to Improper Appreciation of Evidence. Dishonour of Cheque for Investment in Business Partnership Attracts Section 138 NI Act Liability Despite Dispute Over Debt Legality.

The appellant, Sheikh Shabbir, filed a criminal appeal against the judgment of the Judicial Magistrate, First Class, Vasco-da-Gama, acquitting the res...