Court : Mumbai
Reported in : AIR1992Bom482; 1992(3)BomCR61; (1992)94BOMLR204; [1993]76CompCas494(Bom)
..... the period prior to the institution of the suit as 'interest' in contradistinction to 'principal' and provides for award of additional interest for the period from the date of the suit to the date of the decree and further interest from the date of the decree to the date of payment only on the 'principal sum' not on the aggregate amount due on the date of the filing of the suit including interest due if any up to that date.8. the learned counsel for the ..... plaintiffs fairly stated that it is not his case that in all cases interest for period prior to the institution of the suit would form ..... countersigns the account taken under clause (a) or from the date on which such amount is declared in court under clause (b) as the case may be, and thereafter pays such amount as may be adjudged due in respect of subsequent costs, charges, expenses as provided in rule 10, together with sub-sequent interest on such sums respectively as provided in rule ii, the plaintiff shall deliver up to the defendant, or to such person as the defendant appoints, all documents in his possession or power relating to the .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1987KAR2364
..... the next limb of the argument of the learned counsel for hgl is that there is a serious dispute about the rate of interest due on the cash credits and therefore the dispute regarding interest due on the cash credits gives rise to a bona fide dispute which in the very nature of things could not be adjudicated by the company court in exercise ..... large sums of money from the bank ; that in the course of his audit he satisfied himself that the debt shown in the hgl books regarding the principal and the interest due to bank were in accordance with the documents executed by hgl in favour of the bank ; that the interest charged in excess was lawfully stipulated by the bank and it was for the auditors to point out the excess in the ..... p.111.9.4 on these documents, one important question arises is, whether the bank was justified in adjusting the cash credit loan sanctioned towards interest due from hgl on the earlier cash credit balance debited to it since one of the defence taken by hgl is that there were separate loans sanctioned by the bank, but those loan amounts ..... common knowledge that only when they are converted into finished products they acquire a saleable value.2.6 on these facts, the value of the stocks held by hgl being inadequate to cover even a part of the debt due by hgl and interest which is accumulating at the rate of 3.6 lakhs per month, the financial position of hgl would become worse day-by-day with an asset which is depreciating fast on the one hand and a debt which is .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1979AP48
..... that is why their lordships of the full bench case said that the intention of the legislature is not to apply the statutory rate to the outstanding interest only but to all inter art due under the debt that does not mean that the payments cannot go in the first instance in reduction of interest due at the statutory rate as on the dates they were made the only prohibition is that the payments on the dates they were made cannot ..... hence it cannot be said that if the open payment of rs, 2,000 made at the end of the year is first appropriated towards the interest due by that date and the balance towards the discharge of the principal the debtor is paying more than the interest due and payable under section 13 of the act, had that mistake, due to inadvertence not crept into the calculation, my view, the bench would not have held that the open payments should be appropriated ..... the only point of difference between the plaintiff and the defendants is, according to the plaintiff, the creditor can appropriate each of the part-payments towards the interest due in the first instance by the date of the part-payment and then appropriate the balance, |if any, towards the principal; while according to the defendants, the creditor should appropriate the open part-payments towards .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1935All946; 159Ind.Cas.387
..... am clearly of opinion that where a general payment without any specification is made by a debtor and at the time of payment a larger sum with the amount paid is due on account of interest then the creditor cannot be heard to say that it was a payment towards the part payment of the principal, which would give him a fresh period of limitation under ..... probably the substantial sums of money paid tender three cheques amounted to more than the interest due, in which case when the creditor had failed to show that at the time the amount was paid an interest, the bench found it possible to treat the payment as having been made towards the ..... down by another bench that where a debtor pays a certain amount in part satisfaction of what is due from him without caring to specify that the sum is to be appropriated towards interest or principal and the creditor appropriates such payments towards interest, the payment cannot he considered to be the payment of interest as such and will not save limitation on that footing, and further that the payment having been lawfully ..... an endorsement appears on the back of a bond in the handwriting of a debtor or his agent of the payment of a certain sum which is less than the amount of interest due, and less than the, capital amount of the bond, a fresh period of limitation would run from the date of payment inasmuch as clearly the payment must be either towards interest or in part payment of principal, or partly towards interest and partly towards capital.21. .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1975MP104
..... if the court finds that the provisions of clause (b) of sub-section (1) of section 3 have not been complied with by the money-lender, it shall, in computing the amount of interest due upon the loan, exclude every period for which the money-lender omitted duly to furnish the account as required by that clause :provided that if the money-lender has, after the time prescribed ..... if the court finds that the provisions of clause (b) of sub-section (1) of section 3 have not been complied with by the money-lender, it shall, in computing the amount of interest due upon the loan, exclude every period for which the money-lender omitted duly to furnish the account as required by that clause: provided that if the money-lender has, after the time prescribed ..... for the court, observed :'in our opinion no express words were necessary to give the power to reopen accounts as the operation involved in computing the interest due on the loan requires the court to traverse the entire period from the date of the loan to the date of the suit, and to exclude ..... the loan to the date of the suit, where the money-lender has not complied with the requirements of clauses (a) or (b) of section 3 (1) of theact; and, under clause (b) of section 7 to disallow the whole or any interest found due, as may seem reasonable to it, in the circumstances of the case, in case of non-compliance of section 3 (1) (a) and under clause (c) of section 7 exclude every period for which he had failed to furnish account as required by .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2006SC1223; 2006(4)BomCR886; 2006(1)CTC741; (2006)200CTR(SC)505; 2006(196)ELT257(SC); [2006]280ITR643(SC); JT2006(2)SC7; (2006)2MLJ25(SC); 2006(1)SCALE569; (2006)2SCC508
..... never put to counsel appearing and which, therefore, the appellant had no opportunity of dealing with;8) the decision of the high court was erroneous as it rejected the appellant's claim on the sole ground that as the 'amount due' to the appellant was of interest, no compensation could be paid to it, even when gross delay in payment was admittedly made by the income-tax department contrary to law;9) that the high court erred in holding that an assessee was entitled ..... mistri, learned counsel for the appellant, submitted that:1) in view of the express provisions of the act, the high court ought to have held that an assessee is entitled to compensation by way of interest on the delay in the payment of amounts lawfully due to the appellant which were withheld wrongly and contrary to law by the income-tax department for an inordinately long period of up to 17 years;2) the appellant being undisputedly entitled in law to receive certain amounts from the department ..... appellant was deprived of the same;5) the high court failed to appreciate that the appellant's monies had been withheld by the department contrary to law, that interest on delayed payment of refund was not paid to the appellant on 27th march, 1981 and 30th april, 1986 due to the erroneous view that had been taken by the respondents, that this court in the appellant's own case had passed order dated 30.04.1997 which finally .....
Tag this Judgment!Court : Mumbai
Reported in : (1917)19BOMLR179
..... the agreement became operative for sale of the land and the final words, in their lordships' view, which pro-vided for deduction from the purchase price of the 50,000 rupees 'and all interest due thereon,' means that this deduction should be made at the time when the balance is to be paid and this would be the completion of the contract. ..... after deducting out of this amount 50,000 rupees already received by me and all interest due thereon, the balance should be paid to me when the land shall become yours ..... the mere fact that the phrase ' interest due thereon' occurs twice in the contract does not involve the conclusion that the date up to which interest is to be calculated is the same on both occasions, but when once it is accepted that the dates are different all difficulty disappears, since it then follows that interest is by agreement continuing to run on the ..... the hundis were not met by the mortgagor at the due date and were renewed until the 4th april, 1906, on which date the mortgagor, not being in a position to pay the money, wrote to the plaintiff a letter in the following terms :-my dear maung shwe goh,i write this to inform you that as i have not got the interest due on 50,000 rupees ready now i request you to give me three months more for payment to you ..... ' in this connection, it is clear that the ' interest due thereon' is the interest payable under the mortgage deed up to the time, whatever it may be, on or before the 6th july, 1906, when the 50,000 rupees might .....
Tag this Judgment!Court : Mumbai
Reported in : (1907)9BOMLR606
..... however, the second defendant awoke to a sense of his responsibilities and so far as the purchase money and the interest due on it are concerned, no loss, which under the first para of section 23 the second defendant would have ..... of the estate of one mahomedali who died on 18th december 1896, (2) for the setting aside the sale to the first defendant, an executor of mahomedali's, of mahomedali's interests in a partnership, (3) for the ascertainment for the true value of that interest at date of mahomedali's death and for the profits made by the first defendant's use in his business of mahomedali's moneys, (4) for an account against both defendant 1 ..... would appear that the section demands from a surviving partner the same uberrima fides as regards the interests of a deceased partner as was due before death had dissolved the partnership, so far as the profits arising from the capital of the ..... apparent effort of the first defendant to exonerate the new firm indicates, i think, his continued interest in it and his professed ignorance and uncertainty about it may perhaps be due to a misgiving that it might be more to his interest, if the liabilities were to attach to second defendant and himself as executors as for wilful default ..... only to consider the questions whether lukmanji should give interest for three years and whether noorbhai's debt was to be treated as due to the estate alone or to the firm, ..... moneys due to the estate of mahomedalli were not deposited at interest in .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1951Bom167; (1950)52BOMLR594; ILR1950Bom421
..... mortgage deed was to the effect that in the event of the failure of the mortgagor to pay interest, the mortgagee would have the option of either suing for interest then due or taking possession of the property mortgaged to him and keeping it in lieu of the principal and interest due. ..... the interest due on two ..... it would mean one of the two things: (a) that the mortgagee was entitled to sue for possession as well as interest, a right not conferred upon him by the instrument or (b) that he was bound to sue, at any rate, for possession in the event of a default by the mortgagor ; which would deprive him of the ..... his submission, because the cause of action in respect of both the reliefs was the same, namely, the failure of the mortgagor to pay the principal amount due and the interest thereon at the end of three years. ..... the appellant that the cause of action in this case was the same as in the earlier suit, namely, the failure of the mortgagor to pay the principal due and the interest thereon at the end of three years. ..... a breach of the stipulation as to the payment of interest with the result that the mortgagee chose the alternative of suing for interest and obtained a decree for the amount then due to him. ..... the bond provided for two covenants, one was for payment of the mortgage dues by sale of the property and personally, and the other covenant was for delivering possession of the mortgaged property to the mortgagee for enjoyment or possession of the same in lieu of interest only. .....
Tag this Judgment!Court : Mumbai
Reported in : (1911)13BOMLR704
..... as the plaintiff had to meet the interest charged by the bank on the renewed notes, the defendant executed in his favour a promissory note (exhibit e) for the interest due to him and the interest which he paid or for which he made himself ..... stated to be the adopted daughter of the defendant, and her friend ma e byu, a female broker, both say in substance that they, on several occasions, went to the plaintiff when he told them the interest on the bills was mounting up and that the defendant should be advised to pay up within the three months or let him 'have the land for a lakh.'7. ..... he expresses himself in these terms:-it seems, therefore, improbable that davis would have agreed to sell his land for one lakh simply in order to induce shwe go to wait three months for the interest due-a sum of not more than rs. ..... the defendant to sign, that it was brought back to him with the defendant's signature, and that thereupon he renewed the bills taking a promissory note (exhibit j), as before, for the interest due to himself and to the bank. ..... relative legal position and rights of the parties should remain unchanged for six months, but admittedly when the hundis fell due on the 9th july the bills were not renewed for another three months ; no document was executed for the interest; and nothing was done by the defendant to keep matters in statue quo. ..... pay up all the due interest, say about three months ..... grant for six months longer if i pay you all money due on receipt and the interest on the rs. .....
Tag this Judgment!